Foreign currency specialist MoneyCorp report the edging closer of the 2 Dollar Pound .Starting from $1.97 last Tuesday Sterling had moved convincingly above $1.98 by Friday and was looking at $1.99 this Monday morning 16th April 2007.
Sterling performed well against an ailing US Dollar last week but did not do so well elsewhere. There was good news from the British Retail Consortium, which reported further sales growth in March, and from a modest improvement in the RICS house price balance but there was no help whatsoever from a widening of Britain's trade deficit on Thursday. There was really nothing to inspire investors to buy Sterling until the weekend announcement of Rightmove's house price index. The index was up 3.6 per cent for the month of April and 15 per cent higher on the year. Given Bank of England Governor Mervyn King's preference for moderation in house prices it was seen as a big tick in the box for higher UK interest rates.
Sterling performed well against an ailing US Dollar last week but did not do so well elsewhere. There was good news from the British Retail Consortium, which reported further sales growth in March, and from a modest improvement in the RICS house price balance but there was no help whatsoever from a widening of Britain's trade deficit on Thursday. There was really nothing to inspire investors to buy Sterling until the weekend announcement of Rightmove's house price index. The index was up 3.6 per cent for the month of April and 15 per cent higher on the year. Given Bank of England Governor Mervyn King's preference for moderation in house prices it was seen as a big tick in the box for higher UK interest rates.
Moneycorp advise that the proximity of resistance at $2 means that buyers of the Dollar should fill some of their requirement now while the going is good.
Investors' attitude towards Sterling has improved from negative to neutral. That puts it ahead of the Dollar on points and it is once again close to the two Dollar bogey line. Progress above that level will not come without hard work and good luck.
Overseas property investors can lose thousands in foreign currency transactions with even slight fluctuations in currency exchange rates. When buying property abroad , making regular payments overseas or other overseas money transactions it is important to receive specialist currency advice.
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