Bank Of England Report Assisted The Pound
A Bank Of England Report Assisted The Pound to strengthen against both the US dollar and the euro during the Thursday morning trading session. The report by the UK’s central bank showed an increase in home loans by British lenders last month. This increase, which is greater than predicted by economists, made the British pound a favoured currency to trade this morning.
Traders at Forex WebTrader saw the pound strengthen by 0.3% to 86.66 per euro and also by 0.2% against the US dollar this morning, following the release of the UK’s latest home loan figures. This is further evidence that the UK economy’s recovery is well under way. The British pounds resurgence against the euro is also supported by fears that Greece is still unable to offer assurances that they will be able to repay their current debt without the assistance of other EU nations and the IMF.
The flourishing pound will be further boosted should the UK general election produce a hung parliament, which appears to be a real possibility. If no one party wins the election, analysts believe that the British pound could rally, climbing to 83 pence against the euro, which would be its strongest for 18 months.
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