Pound Rises with House Prices

Friday, May 31, 20130 comments

The Great Britain pound advanced today as UK house prices grew this month amid hopes that the nation’s economy will recover.
The Nationwide House Prices Index rose 0.4 percent in May, being near the analysts’ forecasts. The index did not show growth in the prior month. The report said:
Widespread expectations that the economy will continue to recover gradually in the quarters ahead, that interest rates will remain low, and the ongoing impact of policy measures aimed at supporting the availability and lowering the cost of credit, all provide reasons for optimism that activity will continue to gain momentum in the quarters ahead.
GBP/USD went up from 1.5127 to 1.5211 and GBP/JPY advanced from 153.00 to 153.58 as of 16:10 GMT today, rebounding from the low of 152.23.
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