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Confidence in Sterling’s Strength Improves

April 29, 2010 at 17:54 by Vladimir Vyun

Great Britain poundThe Great Britain pound gained today on the speculation that the nation’s budget deficit will be dealt with even in case the election would produce the government without the majority in the Parliament.

The confidence in the Britain’s ability to rein its budget shortage improved after the sovereign credit ratings of Greece, Portugal and Spain was lowered by the Standard & Poor’s. The U.K. house prices increased more then predicted, also adding to the confidence in the sterling’s strength.

Te economists think that U.K. won’t experience problems similar to the Greece’s even if the election will end without clear winner. All participating parties have plans to decrease the deficit and may cooperate to achieve that aim.

GBP/USD climbed today to about 1.5300 as of 15:54 GMT after opening at 1.5208. EUR/GBP traded at 0.8653, falling from its opening level of 0.8691. GBP/JPY traded at about 144.02.

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

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