The Pound has maintained its gains against the Euro following the release of more positive data for the UK economy.
The nation’s budget deficit narrowed more than expected in October as the accelerating economic recovery boosted tax income on sales and stamp duty on rising property prices. According to the Office for National Statistics, the UK’s budget deficit narrowed from £8.6 billion in September to £6.4 billion in October.
The UK economy is expected to continue to strengthen over the next few years to become one of the western world’s strongest in terms of growth. The resurgent economy is also now likely to put the country on target to make its smallest deficit in five years.
Other data released by the Confederation of British Industry said that a new orders for UK factories soared to its highest level in 18 years in November and expectations for the next three months also increased. The CBI’s trends orders data climbed from -4 in October to 11 in November, smashing economist forecasts for a rise to 1. Output expectations also rocketed higher after it shot up from 9 to 24.
Thursday’s data is just the latest batch of positive news for the UK economy. This year the International Monetary Fund and the Organisation for Economic Cooperation and Development raised their forecasts for the UK economy.
Expectations are growing that the Bank of England will raise interest rates sooner-than-expected as the economy continues to improve.
Current Pound Sterling (GBP) Exchange Rates:
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.6091
The Pound Sterling/Euro Exchange Rate is currently in the region of: 1.1977
The Pound Sterling/Australian Dollar Exchange Rate is currently in the region of: 1.7356
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9585
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6214
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8349
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5761
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5105
(As of 11:50 am GMT)
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