Market News Detail

Pound Reaches 3 Month High on Currency Exchange Market

Those in the UK have long been awaiting positive steps for the pound in the currency exchange market and after it was predicted that house prices were beginning to level out, the pound experienced a 3 month high in the foreign currency market on April 15^th, 2009.

According to a report on the BBC, the pound reached a high of $1.50 amidst reports emanating from a housing survey of the signs of a recovery from the UK property market. This increased strengthening of the pound against the dollar is obviously positive news for those who are looking to make overseas payments or large level foreign currency transactions. The pound has been floundering in the currency exchange market of late and this 3 month high is likely to be welcomed but it is important not to read to much into it because it is still early days and the foreign exchange market is notoriously temperamental. However, it is certainly a step in the right direction that the pound reached its highest levels since mid-January and those in the UK will hope that it continues its ascent against both the dollar and the euro in the foreign currency market.

Looking at the Pound's link to the Housing Market in Currency Exchange

 It goes without saying that the are a veritable multitude of factors which will have a bearing on the pound sterling in the foreign currency exchange market but few hold as much sway as the state of the property market. According to the report on the BBC, a survey by the Royal Institution of Chartered Surveyors (Rics) revealed that there had been a surge in momentum in the property market and this, in turn, had a knock on effect for the currency exchange market as witnessed by the improvement in the strength of the pound against its main rivals, the dollar and the euro. Speaking to Reuters, currency exchange specialist, Lee Ferridge, stated, "The strong Rics survey overnight has boosted sterling. It is higher than it was 12 months ago and people are seeing tentative signs of green shoots in the UK housing market."

Speaking to Experts the Key to Successful Currency Exchange

The pound may have reached a 3 month high in the foreign exchange market but for those looking at making overseas payments or require large level currency exchange, it is prudent to speak with foreign currency professionals because they will have an insight of the market above and beyond those of high street banks when it comes to securing the best possible currency exchange rates.

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Here at Pure FX, we take great pride in our specialist service in dealing with international payments and the processes involved with foreign currency exchange. We have many satisfied private and corporate clients who can vouch for the high calibre of our service and the professionalism of our knowledgeable foreign currency specialists. To find out more about our foreign currency and international payment services, just take a look around our website, give us a call on 01494 671 800 or fill in our online enquiry form.