The Pound is trading close to a four-month high against the US Dollar as investors turn their attention to Wednesday’s upcoming Federal Reserve meeting which could hint whether the Fed will ease its quantitative easing programme.
The GBP/USD currency pair hit 1.5733 during European morning trade, the pairings highest level since last Thursday.
Sterling found support after an industry report showed that UK home sellers raised their asking prices for a sixth consecutive month in June suggesting that demand for property is rising as the UK economy recovers.
According to property website operator Rightmove said that Prices sought increased by 1.2% in June to average of £252,798. Prices are up by 2.7% from the previous year.
“These increases, along with reports from agents and developers of a pickup in transactions, suggest a wider and more sustainable recovery as the price buoyancy of the London market shows signs of spreading across the country,” the Rightmove’s report said.
Against the Euro, Sterling made slight gains after the latest Eurozone exports data declined in April for the first time in four months as the single currency region struggles to recover from its longest recession on record. Exports fell by a seasonally adjusted level of 0.8% from March, when they increased by a revised 2.6%. The number of imports increased in April by 0.5% causing the Eurozone’s trade surplus to narrow to €16.1 billion.
The Pound’s next major movement is set to occur on Tuesday when the latest Consumer Price Index and Retail Price Index data is released. Both are expected to improve, reinforcing investor belief that the UK economy is improving.
Current Pound Sterling (GBP) Exchange Rates
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The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.5712 >
The Pound Sterling/Euro Exchange Rate is currently in the region of: 1.1777 >
The Pound Sterling/Australian Dollar Exchange Rate is currently in the region of: 1.6344 <
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9443 <
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6361 <
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8487
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5145 >
(As of 12:30pm GMT)
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