As reported at 9:06 a.m. (BST) in London, the Pound Sterling made gains against a weak U.S. Dollar and held steady versus the Japanese Yen in Tuesday’s early morning trading in London. Investors are encouraged by the recent release of results of a survey indicating that the economic outlook for the United Kingdom is steadily, albeit slowly, improving. According to one forex analyst, the recent release of several positive stories about the U.K. economy has benefited the Pound Sterling. Survey results were released from the British Retail Consortium, which indicated that last month’s retail sales were at the fastest rate in nearly three years, and like-for-like sales figures rose 4.6% last month as compared to April 2008’s figures. Housing prices in the U.K. (England and Wales) slowed over the last quarter according to U.K.’s Royal Institution of Chartered Surveyors.
As reported in early morning London trading, the Pound Sterling was trading at $1.5182, up .3% and edging closer to the 4-month high of $1.5257, established last Friday. The Pound Sterling was also up .3% versus the Japanese Yen, trading at 147.53 Yen. Versus the Euro, the gain was a somewhat weaker .2% nudge, up to 89.91 Pence.
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