Value of sterling 'poised to rise'

The pound is set fair to rise in value against the majority of overseas currencies in the coming months, an expert has said.

Evaluating the pound's prospects, currency strategist at foreign exchange firm HiFX Marc Cogliatti remarked: "Things are pretty encouraging."

He added: "And overall that will continue to allow the pound to appreciate against the vast majority of its counterparts."

Such a situation could help make property in countries such as the US more affordable.

The one area of uncertainty concerns the price of sterling against the euro, following news that France and Germany are now out of recession while Britain is still in it.

Mr Cogliatti remarked that while people should not get "carried away" with this data, it does ask "a few questions" about the future directions of the euro and pound.

The comments came after France and Germany both showed 0.3 per cent growth in the second quarter of this year.

Official figures in Britain recorded a 0.8 per cent decline over the same period, the fifth successive quarter of negative growth.

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