The Pound looks set to make a second year of gains against the US Dollar on Christmas Eve after the number of mortgage approvals in the UK increased in November.
According to the British Bankers Association (BBA) the number of new mortgages approved by BBA backed banks during November beat economist forecasts for 44.5k by coming in at 45k. The BBA figures include more than half of all UK mortgage market approvals. The higher than forecast data caused the few investors still working to take a more bullish stance regarding the currency. The figure is also the highest recorded since December 2009.
Against the Euro and other major peers the Pound was little moved in a quiet session as many investors and traders shut up shop and embark on their end of year holidays. Yesterday saw Sterling move higher against the ‘Greenback’ on Monday after a U.S. consumer sentiment barometer came in just shy of expectations and sparked a modest Dollar sell-off, wiping out gains sustained in wake of the Federal Reserve’s decision to taper stimulus programs.
Over the past six-months the Pound has strengthened by 4.7% making it the best performing currency out of the major developed currencies.
The Pound could begin to lose some ground in the New Year after the Bank of England warned that the currency’s strength could prove to be harmful to the UK economic recovery. The currency is not expected to make much movement until the New Year however due to a lack of data releases over the festive period.
Current Pound Sterling (GBP) Exchange Rates:
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.6346
The Pound Sterling/Euro Exchange Rate is currently in the region of: 1.1950
The Pound Sterling/Australian Dollar Exchange Rate is currently in the region of: 1.8312
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9956
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6117
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8365
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5460
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5009
(As of 10:15 am GMT)
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