UK Inflation figures fell to a 4 year low this morning of 1.7% underneath the Bank of England’s target level but also in line with expectation. David Cameron posted on Twitter that ‘the long term economic plan is helping provide stability for hard-working people’ which has led to Sterling gaining against both the Dollar and Euro during this morning’s trading session.
With inflation seemingly under control this is giving the Pound some support.
UK House Prices have also helped the Pound gain this morning as data from the Office for National Statistics shows national prices going up by 6.8% compared to 12 months ago. London has really driven the market with an average rise of 13.2% but the national average excluding London and the South East is at 3.8% showing a marked difference.
Although this is good news at least in the short term we are experiencing a housing price bubble which is pricing many first time buyers out of the market and they are the ones that will drive the market forward in the longer term.
At 2pm today the US Consumer Confidence survey is released which will likely have a big impact on EURUSD exchange rates and therefore GBPEUR rates. The number expected is 78.6 so anything better could see Dollar strength and Euro weakness leading to better buying opportunities if you have a GBPEUR currency transfer to make.
If you have a currency requirement to make and want to save money compared to using a bank to buy or sell Euros then contact me directly Tom Holian email@example.com