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UK pound hits 10 month high against the dollar

While there were signs of recovery in the UK currency over the last few months, today's announcements from Barclays bank and HSBC have given currency traders something to think about. The indication is, albeit cautiously, that the UK economy has potentially turned the corner and liquidity should start to pour back into the UK money markets over the next few weeks and months. As a consequence the UK pound has hit a 10 month high against the US dollar and a one-month high against the euro.

Rather perversely, the strengthening of the UK currency against major trading partners such as the US reflects the growing strength of the UK economy but ultimately makes exporting from the UK more expensive. As a consequence, the much anticipated assistance from the relatively low currency rate seen just a few months ago has all but disappeared over the last few weeks. However, on a more positive note it was revealed that the UK manufacturing sector has shown growth in orders for the first time in over 12 months.

Interestingly, although the UK manufacturing sector has been pretty much ignored by the UK government for some time and been in demise, recent noises from the government would appear to indicate further investment will be forthcoming for the sector. Maybe we have finally learned the lesson that the services industry in the UK is not the be all and end all!

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