In Wednesday’s trading the pound strengthened over the US dollar by 1.06 cents to close the day at the 1.4997 level, after data from the Royal Institution of Chartered Surveyors suggested that interest from new home buyers increased in March. Improved sentiment amongst investors, especially with regard to the finance sector, also saw the pound receive a boost. The pound reached a day high of 1.5035 yesterday, which was a 3 month high and the first time it had traded above 1.50 since January 12th. In the US, it was announced that consumer prices fell 0.1% in March, down 0.4% on the year, and marks the first time that the US economy has seen deflation in over half a century. However, once volatile food and energy prices are removed, consumer prices actually stand up 1.8% on the year.
In today’s trading the pound has pared some of its gains as investors have reined in some of their risk appetite. Later today building permits, continuing jobless claims, initial jobless claims, housing starts and the Philadelphia Fed Manufacturing Survey data is released in the US. There are no major economic announcements in the UK today.
No comments:
Post a Comment