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Pound at multi-year high?s
Published: 22 Nov at 9 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, New Zealand Dollar Exchange Rate, Currency Exchange, Canadian Dollar Exchange Rate, Euro Crisis, UK, Economy, Inflation,
The pound stands at multi-year high’s this morning against the Australian and Canadian dollar’s and multi-month highs against the euro and New Zealand dollar’s as the data out of the UK continues to improve and the ramifications of the minutes of the latest US Federal Reserve policy meeting are felt across the economic world.
In the UK, Bank of England (BoE) Chief Economist Spencer Dale said that the BoE will keep UK interest rates low for "a sustained period" and that it would take "a number of years" before the UK economy gets back to normal.
This cautious view was not borne out by the latest UK tax figures which seem to signal a housing boom is under way with stamp duty revenues at the same level they were just before the economic crisis hit in 2008.
UK homebuyers in October paid £852 million in stamp duty to the Exchequer, up from the £830 million-a-month at the peak of the housing boom in 2007/08 according to the latest data from HM Revenue & Customs.
The Australian dollar continues to falter after Reserve Bank of Australia (RBA) Governor Glenn Stevens indicated just how determined he may become in driving the Australian dollar lower.
In a speech at the Australian Business Economists' Annual Dinner in Sydney, Stevens said he is "open-minded" on currency intervention. He did, however, suggest that he remains unconvinced whether the benefits outweighed the costs.
Stevens has recently been attempting to 'talk the currency down', indicating that the Australian dollar is overvalued in an effort to try and achieve a more balanced economy that is not so dependent on the mining sector.
In a further blow to the fortunes of the Australian economy, the preliminary HSBC Chinese manufacturing sector Purchasing Managers’ Index (PMI) slipped from a reading of 50.9 in October to 50.4 in November, below analysts’ predictions.
Hongbin Qu, Chief Economist, China & Co-head of Asian Economic Research at HSBC commented that “China’s growth momentum softened a little in November, as the HSBC Flash China Manufacturing PMI moderated due to the weak new export orders and slowing pace of restocking activities. That said, this is still the second-highest PMI reading in seven months. The muted inflationary pressures should enable Beijing to keep policy relatively accommodative to support growth.”
In the UK, Bank of England (BoE) Chief Economist Spencer Dale said that the BoE will keep UK interest rates low for "a sustained period" and that it would take "a number of years" before the UK economy gets back to normal.
This cautious view was not borne out by the latest UK tax figures which seem to signal a housing boom is under way with stamp duty revenues at the same level they were just before the economic crisis hit in 2008.
UK homebuyers in October paid £852 million in stamp duty to the Exchequer, up from the £830 million-a-month at the peak of the housing boom in 2007/08 according to the latest data from HM Revenue & Customs.
The Australian dollar continues to falter after Reserve Bank of Australia (RBA) Governor Glenn Stevens indicated just how determined he may become in driving the Australian dollar lower.
In a speech at the Australian Business Economists' Annual Dinner in Sydney, Stevens said he is "open-minded" on currency intervention. He did, however, suggest that he remains unconvinced whether the benefits outweighed the costs.
Stevens has recently been attempting to 'talk the currency down', indicating that the Australian dollar is overvalued in an effort to try and achieve a more balanced economy that is not so dependent on the mining sector.
In a further blow to the fortunes of the Australian economy, the preliminary HSBC Chinese manufacturing sector Purchasing Managers’ Index (PMI) slipped from a reading of 50.9 in October to 50.4 in November, below analysts’ predictions.
Hongbin Qu, Chief Economist, China & Co-head of Asian Economic Research at HSBC commented that “China’s growth momentum softened a little in November, as the HSBC Flash China Manufacturing PMI moderated due to the weak new export orders and slowing pace of restocking activities. That said, this is still the second-highest PMI reading in seven months. The muted inflationary pressures should enable Beijing to keep policy relatively accommodative to support growth.”
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Source: moneytransfer.co.uk