Wednesday, 8 January 2014

Pound Rises to Five-Week High Versus Euro on U.K. Growth Outlook

The pound rose to the strongest level in five weeks against the euro on speculation Britain’s economic growth will outpace that of its European peers this year.

Sterling advanced versus all except one of its 16 major counterparts after the central bank said mortgage availability increased in the fourth quarter and will keep climbing. House prices will extend gains this year, according to a separate report from lender Halifax. The Bank of England and European Central Bank will both announce interest-rate decisions tomorrow. U.K. government bonds dropped for the first time in four days.

Source: Bloomberg

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