Stabilisation at home lifts sterling
Sterling exchange rates have gained ground as UK figures reveal that housing prices have fallen at the slowest annual rate since November 2007. Optimism is that the worst part of the economic stranglehold is over and that the UK housing market can become stable. Sterling is also benefitting from signs that political stabilisation is in sight. Prime minister Gordon Brown has received backing from the Labour party despite the recent defeats in European elections.
With all the potential good news floating around the UK, sterling exchange rates have climbed against the US dollar and euro. The pound has risen to USD1.6084 and GBP1.1578 against the euro.
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