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Pound Sterling money transfer news - GBP improves against the euro EUR

Published: 24 Jun at 10 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, New Zealand Dollar Exchange Rate, Forex, Swiss Franc Exchange Rate, Euro Crisis, UK, Economy, Inflation, France,

The pound started the week on the ‘front foot’ after the publication of the latest UK consumer confidence data from Lloyds Bank which showed its highest reading since it launched in November 2010.

Lloyds Bank Chief Economist Patrick Foley said positive economic news was continuing, with firm growth, more jobs and falling inflation all underpinning higher consumer sentiment.

In contrast, the latest data from the euro zone continues to make grim reading with euro zone economic growth slowing for a second consecutive month in June and sending it to a low level not seen since December.

The report’s authors, Markit noted that economic growth continued strongest in Germany but showed that the euro zone’s second largest economy, France faces a deepening downturn.

The week started off on an upbeat after better than expected manufacturing data from the world’s second largest economy, China. After contracting for the last 6 months, China’s manufacturing sector has returned to growth with the purchasing managers' index (PMI), a key measure of the China's manufacturing sector, rising from 49.4 in May to 50.8 in June.

In the US, Markit reported that the latest US manufacturing purchasing managers' index improved from a reading of 56.4 in May to 57.5 in June. In a separate survey, data showed that existing US home sales rose at a much stronger rate than had been expected by analysts, rising by 4.9% to 4.89 million units in May, the fastest rate of growth in seven months.

The data helped the high yielding risk currencies like the Australian and New Zealand dollars make good gains in early trading but later on, deepening concerns about the security situation in Iraq soon soured the mood of the market.