Currency exchange boost for sterling

Sterling's currency exchange value has increased against the dollar.

The British pound rose on the back of positive data concerning the state of the UK's housing market yesterday (June 3rd).

A report published by Nationwide found that there was a 0.5 per cent increase in property prices between April and May.

This meant that the average property in the UK now costs £169,192.

Chris Turner, a currency strategist at ING, told Reuters: "It's a 'risk-on' day, with commodity currencies bid and the dollar coming off, which is helping sterling."

However, he added that the latest PMI data "might have knocked the steam out of it a bit".

Sterling held its gains against the dollar this morning and at 08:45 BST, the currency was trading at $1.46.

However, the pound fell against the euro to reach €1.2014 this morning.

But regardless of the dip, sterling remained close to its 52-week high against the euro of €1.2016.

Click here to see how much you can save with HiFX's Foreign Exchange services
Posted by Chris Barber