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The pound reaches a 20 month high against the euro
Published: 11 Jun at 9 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, New Zealand Dollar Exchange Rate, Euro Crisis, UK, Economy,
The pound hit its highest level against the euro since November 2008 after another batch of good UK economic data was published.
The Office for National Statistics (ONS) reported that UK gross domestic product (GDP) is likely be revised up by 4.6% in September following the inclusion of such changes as research and development costs and black market activities. The new statistical methods will come fully into force in September.
Meanwhile, in a spate report, the ONS advised that UK industrial production expanded by 0.4% month-on-month and 3% year-on-year in April, in line with expectations.
UK manufacturing output also expanded by 0.4% over the month and 4.4% over the year), ahead of analysts’ expectations.
Commenting on the data, Dr. Howard Archer, Chief European+UK Economist at IHS Global Insight said "The fact that manufacturing output has expanded month-on-month for five successive months testifies to the solidity of the sector’s upturn. This fuels hopes that the sector can make a sustained contribution to balanced UK growth."
Meanwhile, the British Retail Consortium (BRC) reported that on a like-for-like basis, UK retail sales grew by 0.5% year-on-year in May with further signs of a recovery in consumer spending apparent.
Helen Dickinson, BRC Director General commented that considerable momentum was evident in the rise in the sale of big ticket items such as consoles and televisions “as customers feel confident enough in the economy to make purchases that had been on hold, waiting for economic recovery”.
For his part, David McCorquodale, Head of Retail at accountants KPMG highlighted how grocers “appear locked in a race to the bottom, imposing price cut after price cut to maintain their sales volumes".
The repercussions of last week’s policy announcement from the European Central Bank and subsequent better than expected data from the US continue to be felt with a further rise in risk appetite in the market which has helped biothe the Australian dollar and the New Zealand dollar regain some recent lost ground.
The Office for National Statistics (ONS) reported that UK gross domestic product (GDP) is likely be revised up by 4.6% in September following the inclusion of such changes as research and development costs and black market activities. The new statistical methods will come fully into force in September.
Meanwhile, in a spate report, the ONS advised that UK industrial production expanded by 0.4% month-on-month and 3% year-on-year in April, in line with expectations.
UK manufacturing output also expanded by 0.4% over the month and 4.4% over the year), ahead of analysts’ expectations.
Commenting on the data, Dr. Howard Archer, Chief European+UK Economist at IHS Global Insight said "The fact that manufacturing output has expanded month-on-month for five successive months testifies to the solidity of the sector’s upturn. This fuels hopes that the sector can make a sustained contribution to balanced UK growth."
Meanwhile, the British Retail Consortium (BRC) reported that on a like-for-like basis, UK retail sales grew by 0.5% year-on-year in May with further signs of a recovery in consumer spending apparent.
Helen Dickinson, BRC Director General commented that considerable momentum was evident in the rise in the sale of big ticket items such as consoles and televisions “as customers feel confident enough in the economy to make purchases that had been on hold, waiting for economic recovery”.
For his part, David McCorquodale, Head of Retail at accountants KPMG highlighted how grocers “appear locked in a race to the bottom, imposing price cut after price cut to maintain their sales volumes".
The repercussions of last week’s policy announcement from the European Central Bank and subsequent better than expected data from the US continue to be felt with a further rise in risk appetite in the market which has helped biothe the Australian dollar and the New Zealand dollar regain some recent lost ground.
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Source: moneytransfer.co.uk