The pound's green shoot

16 April 2009 By Ian Campbell

Hopes of global recovery have favoured the UK currency. But the market is overlooking the country s fundamental weakness. In the currency race, sterling may be able to pull ahead of the flagging euro but may continue to struggle against the dollar.

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The pound rose above $1.50 on April 15 for the first time since January and traded at £0.88 against the euro, its best level since early March.

The Royal Institution of Chartered Surveyors said that that the number of surveyors saying house prices fell exceeded those reporting gains by 73.1 percentage points, compared with 78.1 in February.

The Moody's credit rating agency downgraded its ratings on nine UK building societies, including the biggest, Nationwide, on concerns over "significantly" higher credit losses on mortgages and commercial property loans.

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