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Money Transfer UK - Pound exchange rates at multi-year high?s
Published: 17 Jun at 11 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Forex, Euro Crisis, UK, Economy,
The pound opened the trading week at a new 19 month high against the euro and over a 4 year high against the USD as the market still comes to terms with Bank of England Governor Mark Carney’s words at last week’s Mansion House about UK interest rates.
Yesterday, property website Rightmove reported that asking prices for homes in the UK were virtually unchanged in June, rising by just 0.1% month-on-month to reach an average of £272,275. That followed a 3.6% increase in the previous month and leaves prices 7.7% higher versus last year.
The euro came under fresh pressure after Eurostat reported that euro zone consumer prices (CPI) rose by just 0.5% in the 12 months to May with four countries within the European Union, Greece (-2.1%), Bulgaria (-1.8%), Portugal (-0.3%) and Cyprus (-0.1%) showing a worrying rate of deflation.
Meanwhile, the International Monetary Fund (IMF) has cut its forecast for growth in the US economy and urged the Federal Reserve to keep interest rates low to boost the largest world economy.
The IMF expects 2% growth this year, well down from its last projection of 2.8% reported only in April.
The IMF also said the US should increase its minimum wage to help address its 15% poverty rate.
In its annual assessment of the US economy, the IMF state that "Given its current low level (compared both to US history and international standards), the minimum wage should be increased. Labour markets are weaker than is implied by the headline unemployment number. With better growth prospects, the US should see steady progress in job creation. However, headline unemployment is expected to decline only slowly.”
The report also shows that the IMF only expects the US economy to reach full employment by the end of 2017.
Yesterday, property website Rightmove reported that asking prices for homes in the UK were virtually unchanged in June, rising by just 0.1% month-on-month to reach an average of £272,275. That followed a 3.6% increase in the previous month and leaves prices 7.7% higher versus last year.
The euro came under fresh pressure after Eurostat reported that euro zone consumer prices (CPI) rose by just 0.5% in the 12 months to May with four countries within the European Union, Greece (-2.1%), Bulgaria (-1.8%), Portugal (-0.3%) and Cyprus (-0.1%) showing a worrying rate of deflation.
Meanwhile, the International Monetary Fund (IMF) has cut its forecast for growth in the US economy and urged the Federal Reserve to keep interest rates low to boost the largest world economy.
The IMF expects 2% growth this year, well down from its last projection of 2.8% reported only in April.
The IMF also said the US should increase its minimum wage to help address its 15% poverty rate.
In its annual assessment of the US economy, the IMF state that "Given its current low level (compared both to US history and international standards), the minimum wage should be increased. Labour markets are weaker than is implied by the headline unemployment number. With better growth prospects, the US should see steady progress in job creation. However, headline unemployment is expected to decline only slowly.”
The report also shows that the IMF only expects the US economy to reach full employment by the end of 2017.
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Source: moneytransfer.co.uk