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Pounding out rates

Friday, June 05, 2009

Source: Catherine Deshayes

The UK pound has hit its highest level against the US dollar in seven months, while also strengthening against the euro, and Japanese yen, further reducing the cost of buying property abroad...

One pound was trading at $1.67 and €1.16 this morning, while also improving to 160.47 against the Japanese yen.

The pound has been buoyed as data suggests that the UK recession is easing and consumers are more positive, while the US currency has continued to fall out of favour with traders.

"Sterling has accelerated to the upside over the course of the last few days," said BNP Paribas Currency Strategist Ian Stannard.

He added, "As risk appetite continues to hold up, sterling will continue to benefit as a cyclical currency."

Source: www.homesoverseas.co.uk/news