Sterling Goes Ahead for the 4th Straight Day against the Greenback

Pound, the major currency of UK has increased for the 4th straight day against USD, marking its longest winning streak since last November. The currency, also known as Sterling, jumped up after a report stated that the house prices of the country increased during the current month. Apart from that, Sterling has been able to jump up to the highest level in more than 2 months against the greenback, the major currency of US. In a statement released on today, Hometrack Ltd. announced that the average house price values in Wales and England increased by 0.3% in April, the exact same increase experienced in March as well. Incidentally, the gain in March was the biggest in the last 3 years. Hometrack Ltd., a renowned property researcher in UK, stated that the housing prices jumped up by 0.7% in London.

Pound has increased by 0.3% against USD and is currently priced at $1.5523. At one point of time, the currency strengthened to $1.5527, marking its best figures since 15th February. However, at later point of time, it pared the earlier gains experienced. When it comes to the prices against Euro, the currency was more or less unchanged. Sterling is currently priced at 84.18 Pence per Euro. On 26th April, the currency appreciated to 83.98 Pence, recording its strongest value since 24th January.

In the past month, Sterling has gained around 1.8%, thereby becoming the best performing currency among the developed nation currencies. However, Sterling still is down by 2.6%, if the overall performance of the current year is taken into consideration.

Another report was released on today and in that, Lloyds Banking Group Plc. stated that a survey conducted on the UK businesses showed that their confidence in the economy of UK rose to 27 in April. The confidence was at 20 in the last month. Apart from that, a gauge on the outlook of these businesses on activity over the next year increased by 2 points and is currently at 43.

When it comes to the report released by the European Federation of Financial Analysts Societies, the UK gilts returned 1.8% on the current year through 26th April. If compared with the other countries, the German bonds were able to record a gain of 1.1%. On the other hand, the US treasuries went ahead by 0.9% as well.