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The pound edges closer to a new 12 month high against the euro
Published: 27 Feb at 11 AM Tags: Pound Sterling, Euro Exchange Rate, Euro Crisis, UK, Economy, Inflation,
The pound continued its recovery against the euro yesterday after the Office for National Statistics (ONS) reported in its second reading of the Gross Domestic Product (GDP) for the fourth and last quarter of 2013 for the UK a figure of 0.7% in line with analysts’ expectations.
The ONS also confirmed that over the last 12 months, the UK economy has grown by 2.7%.
Analysts also pointed out that the first breakdown of the ONS data seems to show the initial signs of a broadening out of the economic recovery with investment, or gross fixed capital formation, growing by 2.4% quarter-on-quarter, substantially up on the 1.7% seen in third quarter.
Daniel Vernazza of Unicredit Research commented that “In summary, we think the detail of today’s GDP report is positive. It is an early sign that the recovery is broadening and that the pace of growth can be sustained through 2014. The BoE will pay close attention to today’s report and it is in line with our view that the MPC will hike rates in 4Q this year, earlier than the market currently expects,”.
Meanwhile, Bank of England (BoE) Monetary Policy Committee (MPC) member David Miles said yesterday that UK interest rates will not rise in the next few months and added that the BoE is "not in a hurry" to rise them. He also added that any rise would be very gradual when it did occur and also explained that as the economy recovers, wages would rise faster than inflation.
Miles stated "It may be that sometime next year might be the right time [to raise interest rates]. It is difficult to predict in advance. It has been an extraordinary period, an extremely painful period, which has lasted five years, with people's incomes falling."
In the US, the US Department of Commerce reported that sales of new single-family homes in the US rose by 9.6% over the month to reach an annualised rate of 468,000 units in January, a much better than expected figure.
New home sales now stand fully 2.2% above the levels of 12 months ago.
The ONS also confirmed that over the last 12 months, the UK economy has grown by 2.7%.
Analysts also pointed out that the first breakdown of the ONS data seems to show the initial signs of a broadening out of the economic recovery with investment, or gross fixed capital formation, growing by 2.4% quarter-on-quarter, substantially up on the 1.7% seen in third quarter.
Daniel Vernazza of Unicredit Research commented that “In summary, we think the detail of today’s GDP report is positive. It is an early sign that the recovery is broadening and that the pace of growth can be sustained through 2014. The BoE will pay close attention to today’s report and it is in line with our view that the MPC will hike rates in 4Q this year, earlier than the market currently expects,”.
Meanwhile, Bank of England (BoE) Monetary Policy Committee (MPC) member David Miles said yesterday that UK interest rates will not rise in the next few months and added that the BoE is "not in a hurry" to rise them. He also added that any rise would be very gradual when it did occur and also explained that as the economy recovers, wages would rise faster than inflation.
Miles stated "It may be that sometime next year might be the right time [to raise interest rates]. It is difficult to predict in advance. It has been an extraordinary period, an extremely painful period, which has lasted five years, with people's incomes falling."
In the US, the US Department of Commerce reported that sales of new single-family homes in the US rose by 9.6% over the month to reach an annualised rate of 468,000 units in January, a much better than expected figure.
New home sales now stand fully 2.2% above the levels of 12 months ago.
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Source: moneytransfer.co.uk