A rebounding housing market is helping the UK pound today. Sterling is higher against some of its major counterparts, even though the long-term expectations are for a downside, due to continued Brexit concerns.
Even though there are still concerns about the UK economy, things are looking a little better right now. The latest economic data comes in the form of a Nationwide House Price report for the month of August, showing that the UK housing market is improving. A better-than-expected showing has some hoping that the United Kingdom will be able to work through some of its issues.
In July, there were concerns because of a hit to mortgage approvals and consumer credit. However, things are on the upswing now, with the news from the housing market.
On top of that, the latest GfK Consumer Confidence Survey for the United Kingdom is showing improvement. Even though the long-term outlook for the sterling remains somewhat pessimistic due to Brexit concerns, the UK pound is getting a boost today.
At 14:43 GMT EUR/GBP is heading down, moving lower to 0.8480 from the open earlier at 0.8519. GBP/USD is higher, gaining ground to 1.3127 from the open at 1.3080. GBP/JPY also moving up, gaining to 135.24 from the open at 134.65.
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