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U.K. Housing Data Boosts Pound’s Rally

March 13, 2010 at 4:49 by Jan Baros

Great Britain poundThe British pound had a positive performance before the weekend as both domestic and international scenario brought favorable news and consequently traders to purchase assets in the country, as a real estate report revived confidence towards U.K.’s economy.

The pound pared some of the past weeks’ losses versus important currencies, specially the U.S. dollar after a report showed this Friday that house prices increased considerably in the monthly comparison, being that positively interpreted by analysts as the British real estate sector was one of the most affected by the credit crunch during the global slump. Internationally, the pound advanced as a positive retail sales in the U.S. allowed risk appetite to grow o a global scale, bringing investors back to assets in London markets, which had been quite abandoned this year so far.

A good amount of traders considered the pound’s decline this year as too sharp, and today’s news allowed the pound to gain for the session straight session, as confidence surges in England, after several consecutive weeks of drops.

GBP/USD closed at 1.5201 from an intraday rate of 1.5070.

If you have any questions, comments, or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

2 Responses to “U.K. Housing Data Boosts Pound’s Rally”

  1. Onder Er

    Beginning january 15 (app.2 months ago) GBP falls down in all over the world.But to my opinion new scenario is for this money first up then down in 2 months period. Do you believe this or not?İf it is so can you tell me technicaly or graphically the future position of this GBP?Sincerely yours…

  2. Jan Baros

    on my view, the pound may have a very timid climb on the short term, but until the second semester id bet on a weak pound, around $1.50 or below

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