An unaltered UK consumer confidence index allows the Pound to advance on the ‘Greenback’.
The Pound Sterling Exchange Rate was in the region of 1.5170 against the US Dollar as of 9:46 am
10:33 am update: Since our earlier report the Pound has shed its earlier gains against the US Dollar, and is now trading in the region of 1.5164
According to the most recent figures compiled by social researcher GfK NOP Ltd, in February UK consumer confidence didn’t improve, but it didn’t worsen either.
After increasing by 3 points last month the sentiment index held at minus 26 this month, in line with economists’ expectations.
Whilst this might not seem like the most positive of news, given the fact that in the last few months the UK has lost established chain stores like Jessop’s and HMV whilst having to deal with stubbornly high inflation, the threat of a credit down grade and the fear of entering an unprecedented triple dip recession, it’s certainly not bad news.
As GfK’s Managing Director Nick Moon asserted: ‘While an unchanged figure may not seem very good news, the maintenance of all of last month’s 3-point gain is encouraging. Consumers may be regaining their breath.’
The report, which was compiled based on the results of interviews with over two thousand people, also showed an increase in a measure of personal finances. The 2 point increase took the measure to minus five – the best result for almost two-years. Meanwhile a measure of the public’s economic outlook for the year ahead held at minus 25.
After this news was released the Pound initially remained largely unchanged against its principle currency rivals. However, Sterling has since gained on its US counterpart for a second consecutive day.
The British currency is holding relatively steady against the Euro, despite a report revealing an unexpected decline in German unemployment. The Pound could lose ground against its European cousin in the hours ahead if Eurozone and German CPI figures also exceed expectations.
Several pieces of UK data, including Manufacturing PMI and Mortgage approvals, could trigger Sterling movement tomorrow.
Current GBP Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate is currently trading at 1.1567
The Pound Sterling to US Dollar (GBP/USD) exchange rate is currently trading at 1.5170
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate is currently trading at 1.4777
The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate is currently trading at 1.8268
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate is currently trading at 1.5516
The Pound Sterling to Japanese Yen (GBP/JPY) exchange rate is currently trading at 140.0650
These exchange rates were correct as of 09:46 am
Comments are closed.