The Pound is little changed against the Euro and has softened slightly against the US Dollar as the market’s attention turns to this afternoon’s data releases in North America.
Earlier in the morning trading session data showed that UK mortgage approvals rose to their highest level in more than five years in July and consumer confidence reached a four year high.
According to the Bank of England, lenders granted 60,624 mortgages the most given since March 2008. Economists had been expecting that approvals would have climbed to 58,800. Overall gross mortgage lending increased to a high not seen since November 2008.
Adding further signs to the UK’s economic recovery was the consumer sentiment index data compiled by GfK NOP ltd. The report showed that sentiment rose by 3 points to -13, the highest reading recorded since October 2009.
“The explanation probably lies in the fact that there has been a steady flow of economic good news over the past few months showing the economy is growing however anaemically” said Nick Moon managing director of social research.
The British Chambers of Commerce also added to the positive tone for the currency by raising its forecast for the UK economy and said that GDP will rise by 1.3% later in the year, up from its previous forecasts of a 0.9% rise.
“Although this upturn appears to be on stronger ground, we must be aware that complacency could lead to setbacks,” the Chambers director-general John Longworth said.
Current Pound Sterling (GBP) Exchange Rates:
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.5525
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9954 >
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6441 <
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8531 <
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5011 <
(As of 12:15 pm GMT)
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