The value of sterling has gone up on the international exchange markets as Britain’s best quarterly growth figures for five years shows the UK has finally managed to pull itself free from the shackles of a nine month double-dip recession, with good news for both GDP and manufacturing output.
In the wake of this news, both the sterling to dollar and euro exchange rates rose by more than 1%.
This is even more striking given the fact that the pound hit a one-month low against the dollar, and a five-month low against the euro just days ago.
As one foreign currency broker put it: “Sterling gained across the board, after the releases of growth figures which were far better than anticipated, demonstrating economic growth of 1%. It provides a ray of economic light in the autumn dim.
“We can only hope this is the start of the recovery and that further pleasant surprises on the economy lie ahead.”
Growth was above even the most optimistic predictions.
This rise in the pound’s value is something to bear in mind when you buy foreign currency, especially if changing money into pounds, or are exchanging large quantities, whether because you’re buying a property overseas, emigrating, moving back home or for any other reason.
You will almost certainly find that if you go to a specialist provider, you will get the best exchange rates – you can often the banks by several percentage points.
And you’ll find doing everything online quick, easy and convenient. Learn more today.