The Royal Institution of Chartered Surveyors said that the United Kingdom real estate market is stabilizing, spurring demand for the pound sterling after sequential days of losses.
The pound gained this Tuesday against the dollar and the euro, after speculations that the worst days of the recession might be already behind. Britain is dealing not only with the economic recession that has been affecting the majority of countries in the world, but also with a political crisis with uncertain consequences, and after several days of negative results against the main currencies, the pound posted gains mostly versus the dollar and the euro, after statements that the British real estate may be recovering fueled U.K. investors with optimism this Tuesday.
Analysts evaluate the complexity of Great Britains political and economic scenario with an optimistic tone, affirming that if Prime Minister Gordon Brown somehow keeps his position, the pound may become an interesting investment for traders, as it is very likely that real estate and other economy sectors will continue to provide support for the British currency, as the global slump is definitely having its final days. Today, according to currency specialists, the pound was helped by a risk appetite wave that might continue to influence markets for a while.
GBP/USD traded at 1.6085 rising from 1.5825. EUR/GBP fell to 0.8623 from 0.8725.
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