Pound Stronger as House Prices Rise
The Great Britain pound was stronger today after the report showed that UK house prices grew this month more than was anticipated. Consumer confidence remained depressed, but that did not deter the sterling from rallying.
The Nationwide House Price Index rose as much as 1.7 percent in August. The increase followed the drop by 0.8 percent in the previous month and was above expectations of just 0.1 percent rise. The GfK Consumer Confidence Index remained stable at -29 in August. The report noted:
Confidence has never been so low for so long – even during the dark days of the 2008–2009 recession.
GBP/USD rose from 1.5785 to 1.5816 as of 10:25 GMT today and its daily high was at 1.5834. GBP/JPY traded at 124.24 after it fell from 124.06 to 123.71 earlier.
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Earlier News About the Great Britain Pound:
- UK Pound Consolidates after Recent Gains (2012-08-29)
- UK Pound Continues to Struggle (2012-08-27)
- Pound Falls vs. Euro as UK Economy in Turmoil (2012-08-21)
- Sterling Goes Down with House Prices (2012-08-20)
- Sterling Advances with Unexpected Increase of Retail Sales (2012-08-16)