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June 11, 2009    

Pound hits 2009 high against euro as good news filters through economy

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by Kay Murchie
Pound hits 2009 high against euro as good news filters through economy

With suggestions that the UK recession may be coming to an end, sterling hit a 2009 high against the euro today.

According to Reuters, sterling rose to 85.10 pence against the euro - its best performance since December.

Sterling was also up against the US dollar, rising one cent to $1.6429.

Sterling has been boosted by a number of factors, one being a report from the National Institute of Economic and Social Research (NIESR) yesterday. The respected think tank said the British economy is seeing signs of stability after the recent flurry of positive data.

According to the NIESR, the British economy grew in May by 0.1% and follows a similar rise in the previous month and was the first growth in a year.

If the NIESR forecasts prove to be correct, Britain could be the first major industrialised economy to emerge from recession.

Furthermore, the Bank of England/GfK NOP Inflation Attitudes Survey showed British inflation expectations for the coming year increased from 2.1% in February to 2.4% in May - the first rise since August.

Meanwhile, industrial output figures released yesterday showed gains and added to the optimism that the economy may have stabilised.

Finally, the Council of Mortgage Lenders (CML) has announced today that the number of loans approved for house purchases in the UK rose by 16% in April compared with March.

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