UK house prices rise
Nationwide figures released this morning show UK house prices rose in August at their fastest pace in over two years. Houses rose 1.6% on the month, taking the annual rate of decline to just -2.7%, an improvement from the -6.2% recorded last month. Nationwide claims that record low interest have driven the rise, as the base rate has stayed at 0.5% since March.
Other UK figures released today show the total level of business investment declined by -10.4% in the second quarter, and fell by -18% on the year. Results of the CBI distributive trades survey were also bearish, falling to -16 against a conservative estimate of -11. These figures have helped push sterling rates for currency transfer even lower against its major currency partners.
Currency transfer rates for the pound are currently at USD1.6197 and EUR1.1360.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.