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The longest period of contraction the US economy has witnessed since the Great Depression was officially brought to end yesterday as gross domestic product figures revealed an annualised growth rate of 3.5% versus a consensus of 3.2%.
The $787bn stimulus package released by the Obama administration has helped see the US join the growing club of countries to exit technical recession, the fourth of the G7 nations. The UK is now embarrassingly one of only a handful of major nations that has failed to return to growth.
Equity markets surged ahead in response to the news, reversing early week losses. Risky assets were swept along for the ride also, and the pound was stronger against the dollar and euro. Banking stocks hogged the limelight again as the FTSE closed 57 points higher, with Lloyds and RBS stronger over the day.
This morning we had Nationwide housing prices data which was slightly weaker than consensus. Today from the UK we have a consumer confidence and personal consumption and expenditure figures from the US.
Latest Exchange Rates At Time Of Writing
| Indicative Rates | Sell | Buy |
| GBP/EUR | 1.1149 | 1.1175 |
| GBP/USD | 1.6532 | 1.6536 |
| EUR/USD | 1.4808 | 1.4829 |
| GBP/JPY | 150.47 | 151.03 |
| GBP/AUD | 1.8132 | 1.8174 |
| GBP/NZD | 2.2725 | 2.278 |
| GBP/CAD | 1.7655 | 1.7712 |
| NZD/USD | 0.7258 | 0.7284 |
| GBP/ZAR | 12.83 | 12.86 |
| USD/ZAR | 7.75 | 7.78 |
| GBP/PLN | 4.7232 | 4.7511 |
| EUR/JPY | 134.62 | 135.3 |
