Sterling rises to eight-month high
Sterling currency rates hit an eight-month high on Tuesday against the US dollar with investor appetite for risk strengthening. The increased appetite is based on the hopes for global economic recovery. A survey showing UK house prices have risen 0.9% in June paired with an increase in consumer confidence, have allowed the UK's currency to rise above USD1.67 for the first time since October.
Hopes for recovery and the sterling's high were dampened after the first-quarter gross domestic product figures were revised down to -2.4%. The revised numbers contributed to the worst quarterly drop since 1958 and a 51-year low for the annual rate of contraction in the economy.
The sterling is currently exchanging at EUR0.8521 and USD0.6025.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.