Stress tests boost sterling currency exchange

The currency exchange rate for sterling has been lifted by the results of the recent stress tests.

Conducted by the Committee of European Banking Supervisors, the stress tests looked at the financial security of 91 banks.

Of these, seven were found to have failed, however none were located in the UK.

The pound demonstrated an upward trend this morning (July 26th) and by 08:30 BST was trading at �1.19 against the euro.

A similarly strong performance was seen against the dollar, against which the pound bought $1.54.

GDP figures released by the Office for National Statistics (ONS) last week are also thought to be helping sterling.

The ONS revealed that the UK's economy grew by 1.1 per cent during the second quarter of the year, much higher than the 0.6 per cent that was expected.

Posted by Chris Barber

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