UK Retail Sales Rise

It was announced yesterday that UK retail sales rose in May by more than expected which was largely attributed to an improvement in food sales. The Office for National Statistics (ONS) stated that retail sales hit 2.1% in May up from 1.9% at the same time last year confirming that large discounts at supermarkets was the main reason behind this improvement. This news was very positive for Sterling and gives some hope that the UK economy is recovering albeit it slowly. With Sterling exchange rates under a lot of pressure against a number of major currencies strong economic data such as yesterdays retail sales could provide some much needed support for GBP exchange rates.

The UK economy has faced negative news for some time now and many market analysts are looking for any signs that we are starting to recover so improvements in retail sales could be that sign. As a result Sterling exchange rates strengthened yesterday against a number of currencies and this highlights just how important it is to stay in close contact with your account manager here at Foreign Currency Direct plc who will be happy to not only discuss your currency requirements but also the different contract options available to you. You can contact us on 0800 328 5884 or if calling from abroad 0044 1494 725353 alternatively you can email me directly on trh@currencies.co.uk

Mortgage Lending Rises

Figures announced by the Council of Mortgage Lenders (CML) has confirmed that the number of mortgages agreed in May hit the highest levels since October 2008, further positive news for Sterling and the UK economy. The CML did also state that the future could hold more positive housing data as the bad weather we have recently experienced has put buyers off and so there could be a large increase as the summer weather arrives (fingers crossed it does brighten up!) of purchasers. If this is the case more positive news could mean we see Sterling improve further and so this summer could represent some good opportunities for clients looking to send money abroad.