The pound strengthened against the USD & Yen
February 4, 2010 by Tampanabadi
Filed under Forex
Today the pound had risen to $ 1.6069 level which shows the UK’s consumer confidence increased in January, while South Korean Won stocks rise as a regional increase. The British currency rose further to 15 of the 16 main partners for alleged currency worst recession in early 2010 to end.
“Speculation that the Bank of England to support the global economy will support the pound,” said Toshiya Yamauchi, manager of foreign exchange margin trading in Ueda Harlow in Tokyo. The dollar traded at ¥ 90.48 from ¥ 90.38. USD weakened against the euro to $ 1.4025.
The MSCI Asia Pacific Index of equities climbed 1.1 percent after Standard & Poor’s 500 Index climbed in two days. S & P 500 rose 1.3 percent at the close of trading in New York. UK consumer sentiment rose 3 points to 73. England return to economic growth in the fourth quarter due to rising house prices and unemployment began to decrease, indicating a recovery in the UK.
The Bank of England also completed 200 billion pounds ($ 325 billion) asset purchase program on 26 January.South Korean won rose today because foreign investors buy more Korean shares than the analysts predict, and create a “rumor” economic recovery has arrived.
“Global stock markets create a conducive atmosphere in Korea” said Ko Yun Jin, a currency dealer at Kookmin Bank in Seoul. “Foreigners buy shares. Creating index rose to 1160 levels.
