The Great Britain pound rallied against the US dollar today as the UK consumer sentiment improved and house prices were rising. The sterling trimmed its gains against the greenback by now and trades virtually flat versus the Japanese yen.
The GfK UK Consumer Confidence Index rose from -3 in April to 0 in May. The report commented on the result:
A rise of three points in the Index in a month is itself a significant change, but what matters more, psychologically at least, is that the Index has left negative territory for the first time in over nine years. It is not actually positive, standing as it does at 0, but this is the first time it has reached 0 since April 2005.
The Hometrack housing survey indicated that home prices continued to rise in May, albeit with slower pace than in March and April — 0.5 percent this month versus 0.6 percent in the previous two months.
GBP/USD was up from 1.6716 to 1.6734 as of 10:34 GMT today after rising to the high of 1.6757. GBP/JPY traded near its opening price of 170.14.
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