Confidence in Sterling is Rising on Good Economic Data

The Great Britain pound rose today against some of its most trading counterparts as the declining number of jobless claims, the improving consumer confidence and the increasing number of home-loan approvals suggested that the U.K. economy is stronger than European Union’s economy.
Britain’s economy is expected to grow by 2.2 percent annual rate by the end of this year, compared to Europe’s forecast of the 1 percent growth. The confidence in the U.K. currency is rising despite the possibility of the deceasing U.K. credit rating and the hung parliament as all of the parties are committed to cut the U.K. record budget shortage, giving hope that any future coalition government will work toward the improvement of the economy.
GBP/USD traded near 1.4951 as of 8:59 GMT today after opening at 1.4833. GBP/JPY traded at about 139.53 up from the opening rate of 137.52.

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