Sterling reaches three-month high

At the same time, sterling also managed a six-week high against the Euro, standing at €1.13.

For the first time in months, sterling has been able to react positively to the rafts of data that are being announced in the UK.

For example, the pound received a boost after the latest Royal Institution of Chartered Surveyors (Rics) UK housing market survey suggested that the housing market was starting to pick up.

The survey found that new buyer enquiries rose for the fifth consecutive month in March leading to an increase in newly agreed sales and sales expectations.

Sterling reached its lowest levels in 24 years in mid-January, nearing $1.35.

Today, the pound rose as high as $1.5038.

The impact on consumers of the strengthening pound means that anyone buying a £350,000 property in the US is now getting approximately £50,000 more for their money than three months ago.

Furthermore, any UK business importing £10,000 worth of goods will now get just over £1,000 more for their money than when GBP/EUR reached an all-time low in December last year.

Nick Fullerton, managing director of FC Exchange, said: "Today we have seen sterling post gains against both the Euro and the US dollar - nudging just over the magical $1.50 mark against the dollar due to poor US retail sales and confident investors looking further afield than just the greenback.

"The Euro is also suffering, mainly from chatter of quantitative easing, and the European Central Bank lowering interest rates.

"These gains allow some long-needed relief for both consumers and businesses who have been feeling the pinch since the end of last year, but although sentiment is improving for the pound, these gains are more than likely due to the relative weakness of its European and American counterparts."