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The pound hits a new 12 month high against the euro
Published: 21 Jan at 11 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, Forex, Euro Crisis, UK, Economy,
The pound received a further boost yesterday on an otherwise quiet data day after property website Rightmove reported that UK house prices enjoyed their strongest ever start to a new year and rose year-on year at the fastest rate since November 2007 at the start of 2014.
Rightmove reported that UK average asking prices rose by 1% or £2,406, the largest ever January rise in the price of property coming to market and year-on-year house prices increased up to 6.3% or £14,432, the highest since the start of the credit crunch in 2008.
Rightmove director and housing market analyst Miles Shipside said "The early statistics for any new year are keenly anticipated as they indicate the shape of things to come in the year ahead. With a very strong start in both the price of property coming to market and the number of people looking at what’s on the market, it suggests that the new year resolution for many is to make 2014 their year to move."
The International Monetary Fund (IMF) also added to the ‘feel-good factor on the UK economy as it is set to upgrade its growth forecast for the UK more than any other leading economy by increasing its forecast for the growth of the UK economy in 2014 from 1.9% to 2.4%.
Despite falling to a new 12 month low against the pound, the euro recovered from a two-month low against the dollar yesterday on much lighter trading volumes as the US markets were closed for Martin Luther King day.
Chinese data overnight showed that the country's gross domestic product (GDP) in the fourth quarter of 2013 slowed to 1.8% from 2.2% in the third quarter of the year with full-year growth at 7.7%, beating the government's 7.5% target but falling shy of the 7.8% expected by economists.
The data gave a boost to the beleaguered Australian dollar which moved away from its multi-year lows.
Rightmove reported that UK average asking prices rose by 1% or £2,406, the largest ever January rise in the price of property coming to market and year-on-year house prices increased up to 6.3% or £14,432, the highest since the start of the credit crunch in 2008.
Rightmove director and housing market analyst Miles Shipside said "The early statistics for any new year are keenly anticipated as they indicate the shape of things to come in the year ahead. With a very strong start in both the price of property coming to market and the number of people looking at what’s on the market, it suggests that the new year resolution for many is to make 2014 their year to move."
The International Monetary Fund (IMF) also added to the ‘feel-good factor on the UK economy as it is set to upgrade its growth forecast for the UK more than any other leading economy by increasing its forecast for the growth of the UK economy in 2014 from 1.9% to 2.4%.
Despite falling to a new 12 month low against the pound, the euro recovered from a two-month low against the dollar yesterday on much lighter trading volumes as the US markets were closed for Martin Luther King day.
Chinese data overnight showed that the country's gross domestic product (GDP) in the fourth quarter of 2013 slowed to 1.8% from 2.2% in the third quarter of the year with full-year growth at 7.7%, beating the government's 7.5% target but falling shy of the 7.8% expected by economists.
The data gave a boost to the beleaguered Australian dollar which moved away from its multi-year lows.
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Source: moneytransfer.co.uk