Latest Exchange Rates At Time Of Writing
Indicative Rates Sell Buy
GBPEUR 1.1611 1.1637
GBPUSD 1.5829 1.5855
EURUSD 1.3623 1.3649
The position of Pound in comparison to Euro has been the same without much alterations occurring with the passage of time. But then the UK currencies position has been constant in comparison to a weak USD. This has been done in amidst a scenario where the FED is making plans of further quantitative easing. This easing would have been reached by Pound carried out to control the second recession which was imminent. A high figure of 1.5851 and this has consolidated the recent gains made by it following a period of great economic slack. The Bank Of England would put the economy of England in a vulnerable state if quantitative easing is pursued for long. But then the bank would be forced to take this step in order to ease the pressures of economic degradation. The exchange rates too are believed to soar if the easing rate is carried out efficiently.
The decline that has showed up is quite a lot and it is the biggest since March 2009. The decline which is evident in the housing as well as the exchange rates proves that the economy is still in a weak state. The government is also trying to carry out a cut in public spending to manage these areas of deficit. It has been seen that the house prices rose in September by just 1% from this stage in 2009, then going down by 2.9%.
The UK data that has come up shows that the retail sales has gone down and the mortgage approvals too is going down with passage of time. All this points to a period when ‘an irrevocable monetary and credit crunch, fiscal austerity and trade decay’ is highly evident.