UK House Prices On The Up
The Pound has advanced against the Dollar overnight on the back of positive housing data and is still sitting strongly against the Euro following yesterday’s surge.
Pound Sterling – UK Markets
Sterling has traded at the strongest levels for three weeks against the Dollar as a report by Nationwide revealed that house prices have risen by 0.5 percent, the highest level in nearly two years. This, along with the fact that British stocks snapped a three day drop, can be seen as an indication that the UK recovery is gaining momentum.
However, annual house price inflation fell slightly last month.
US Dollar – US Markets
Both the Pound and the Euro made advances on the US Dollar overnight.
There is a wave of US data releases due today that may help support the Dollar. These are expected to reveal a growth in the number of jobs created by US companies matched by a fall of the amount of initial jobless claims.
Euro – European Markets
The Euro strengthened for a second day versus the Dollar but remains in the spotlight for the debt crisis.
Finance ministers and central bankers from the G20 nations will be meeting this week to discuss the effect of the European budget debt crisis and recovery on other currencies.
New retail sale figures from Eurostat have revealed a decline of 1.2% in the Eurozone in April. This did not meet the expected increase of 0.1%.
Other Currencies – Highlights
The Canadian Dollar has reached its strongest level in more than two weeks against the US Dollar as demand for Canadian stocks and oil surged.
The Japanese Yen has fallen against most of its commonly traded counterparts following the resignation yesterday of the Prime Minister; it is also lessening its worth as a safe haven currency as the global economy picks up.
Commodity currencies such as the Australian and New Zealand Dollar also strengthened for a second day.
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