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A quiet start to the trading week for the pound with only scant data out.

Published: 18 Jun at 11 AM Tags: Euro Exchange Rate, Dollar Exchange Rate, Euro Crisis, UK,

In the UK, property website Rightmove reported that the average asking price of properties in the UK has reached a new record high, above £250,000 for the first time.

Data showed that asking prices rose by a further 1.2% in May, the sixth consecutive monthly rise of 2013 to date.

Miles Shipside, Director and Housing Market Analyst at Rightmove said that the jump in average asking prices signalled a lift in confidence in the property market stating that "While this month sees several new price records, it’s the South East that has really started to lift-off. On top of that, the first half of 2013 saw little sign of the traditional north-south divide with the first-half asking price surge in the north almost equal to that of the south. The good news is that this indicates a wider upturn, albeit at historically low but increasing volumes. The bad news for would be buyers is that it has helped propel the average price of a property coming to market through the quarter of a million quid milestone for the first time."

The big event this week is likely to be the US Federal Reserve Policy announcement out tomorrow night. Analysts expect US Federal Reserve Chairman Ben Bernanke will reassure investors that the current monetary stimulus will remain in place.

Yesterday, the dollar made solid progress, boosted by data that showed growth in New York's manufacturing sector gathered momentum in June. A separate US home builder index jumped to the highest level in seven years.

The euro received support yesterday from data showing that the euro zone’s trade surplus unexpectedly narrowed on a seasonally-adjusted basis in April. The seasonally adjusted trade surplus for the 17 member euro zone narrowed from €18.1 billion to €16.1 billion in April. The lower surplus was the result of a 0.8% monthly decline in exports and a 0.5% increase in imports.

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