UK pound is heading higher today, gaining as better news comes in from a number of quarters. The housing market seems to picking up, with home prices rising. Additionally, a new economic forecast indicates that the UK economy is likely to grow more than expected in coming months.
UK pound is finding support today, jumping against many of its major counterparts as better economic news comes into focus.
The housing market is picking up the pace, with home prices on the rise. On top of that, the National Institute of Economic and Social Research reports that it expects the UK economy will expand by 1.4 per cent this year and by 2 per cent in 2014. This represents an increase in the forecast. Of course, a more “official” view of the matter will be released later this month when BOE Governor Mark Carney presents his forecast.
Markit Economics also released good news about the UK economy, saying that its PMI measure rose to 62.5 in October, gaining from the 60.3 level in September. Many think this is evidence that the UK economic recovery is stable, and that is positive for the pound.
At 15:32 GMT GBP/USD is up to 1.6029 from the open at 1.5969. EUR/GBP is down to 0.8394 from the open at 0.8464. GBP/JPY is up to 157.91 from the open at 157.45.
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