The pound to euro rate has fallen today despite the pound gaining fresh strength following Liz Truss being appointed Britain’s new prime minister. Sterling has also weakened against the dollar today after shooting up in what analysts call a “knee jerk reaction” the electoral news on Monday.
This morning markets saw new data from the latest Halifax house price index (both MoM and YoY). The house price index MoM decreased to -0.10% in July, but was expected to rise rapidly to 0.8 this morning. House prices have increased but figures were slightly disappointing for markets as the index only rose half of that, to 0.4%. No surprises from the YoY data however, as house prices were expected to make a gentle decrease from 11.8% to 11.5% this morning and did exactly that.
In her first speech as PM yesterday, Liz Truss told the UK it could “ride out the storm” of what is the worst economic crisis in a generation. Truss also vowed to take action “this day and everyday” to transform Britain into an “aspiration nation”.
In her attempt to fuel the nation with optimism following the many economic headwinds the UK continues to face, Truss doubled down on her determination to “rebuild our economy” so that the country can become “the modern, brilliant Britain” Truss she knows “it can be.”
