English pound climbs to April high against greenback

Posted On: April 11, 2012
Retail sales gained in March in the U.K., pushing the English pound to its largest gain thus far this month against the world's reserve currency, according to Bloomberg.

The monetary unit also climbed against the Japanese yen as Spanish government bonds and European stocks gained as concerns were allayed about the prospects of the sovereign debt crisis' deepening tendencies. Thus far this year, the pound has gained 0.8 percent, according to Bloomberg.

"Sterling will be one of the places to go to when confidence returns to global markets," head of European hedge-fund sales Neil Jones with Mizuho Corporate Bank in London told the news source. "U.K. data has been showing some kind of green shoots of recovery recently."

U.K. stores that have been open at least one year saw sales increase 1.3 percent in March as compared to the same month last year, according to the British Retail Consortium. The metric dropped 0.3 percent in February.

Reuters reports the value of sterling during the Wednesday trading session drove toward its top price in 90 days against the shared currency of the European Union.

Category: Industry News

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