Pound Rises As Brown Soldiers On

The pound is up again this morning at $1.6407 against the dollar and 1.1620 against the euro, as PM Gordon McBroon soldiers manfully on, tied to the mast - hang on, there's a song in there isn't there?

Every time just like the last
On his ship, tied to the mast
To distant lands
He's lent our pounds
Without a frown from Gordon Brown

Gordon Brown's ginger temptress
Has packed it in, she's heading West
Gone far away
Taken her pay
Causing a frown from Gordon Brown

Cue harpsichord...

Anyway, the sight of Mr McCharisma soldiering manfully on in the face of adversity is apparently sufficient to encourage a few foolhardy punters to put their money into sterling this morning.

And that is despite the news that the UK's visible trade deficit rose to GBP7 billion in April, from GBP6.5 billion in March, when a small decrease to GBP6.4 billion had been expected.

Yesterday's news that that UK house prices fell at their slowest pace in one and a half years is offering some encouragement that Mr McBroon is capable of steering us safely through the choppy waters of recession.

If risk appetite is what you're after then you've come to the right shop.

Deja vu anyone?