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UK currency moves higher on future hopes

After a period of difficulty for the UK currency, sterling has today continued its recent rise against the euro and the dollar amid claims that the UK recession is coming to an end. While these claims have yet to be rubberstamped by a number of economic forecasters, there is no doubt that under the surface there is an increase in confidence and potential activity. Whether this is enough to suggest the UK recession is over and the economy has turned a corner is still very much open to debate. However, this has not stopped investors from piling into sterling on hopes for the future.

While the UK currency is on the up, the euro and the dollar are both suffering from concerns that their relative economies are going to struggle in the short to medium term. The euro in particular has had significant problems of late amid concerns that issues with some of the smaller European member states could spread over the next few weeks and months. The US on the other hand has seen a mixed performance by its economy over the last few weeks with great hope taken from the decision to accept repayments from "bail out banks" although concern that the economy has not quite performed as people had expected.

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