Pound Soars On Ideas Recession Over
Hurrah! The recession is over according to the National Institute of Economic and Social Research. They say that although the economy shrank by 0.9% in the three months to May, the low point was March. Since then things have got a whole lot better with GDP expanding at a monthly rate of a whopping 0.2% in April and 0.1% in May!
Is it just me, or is the market currently desperately clutching at straws here. Desperately clinging onto any little nugget of positive information, and ignoring the deluge of bad news?
Well, some people seem to believe that a recovery is underway, and they are prepared to back their judgement with hard cash. The pound is up to its highest levels of the year against the euro, currently standing at 1.1744. Meanwhile against the dollar we currently stand at $1.6466, showing a net gain of almost 5 cents on the week.
Look, the sun's coming out!
Is it just me, or is the market currently desperately clutching at straws here. Desperately clinging onto any little nugget of positive information, and ignoring the deluge of bad news?
Well, some people seem to believe that a recovery is underway, and they are prepared to back their judgement with hard cash. The pound is up to its highest levels of the year against the euro, currently standing at 1.1744. Meanwhile against the dollar we currently stand at $1.6466, showing a net gain of almost 5 cents on the week.
Look, the sun's coming out!