The pound rose against the euro for a second day, trading close to 91 pence for the first time in almost three weeks, on speculation interest-rate cuts will revive the economy faster than in the common-currency region. The British currency also gained versus the yen and the Swiss franc as the FTSE 100 index of leading U.K. shares rose for a sixth day. Debenhams Plc, Britain’s second-largest department-store company, rose the most in more than 2 1/2 years in London trading after saying a decline in sales eased. “Oversold sterling is getting a bit of a bounce,” said Jeremy Stretch, a senior currency strategist at Rabobank International in London. “The markets are waking up and realizing that the eurozone garden is not particularly rosy.” The pound advanced 1.6 percent against the euro to 91.23 pence as of 10:33 a.m. in London, adding to yesterday’s 3.2 percent gain, which was the largest since the creation of the single currency in 1999. It was at $1.4690, from $1.4700 yesterday. The pound slid 23 percent against the European currency last year, its biggest decline since the euro came into existence, as the Bank of England cut rates faster than the ECB and the British economy entered its first recession in 17 years. U.K. government bonds fell, pushing the yield on the 10- year gilt up four basis points to 3.19. The 5 percent security due March 2018 climbed 0.34, or 3.4 pounds per 1,000 pounds ($1,469) face amount to 114.28. The two-year gilt yield rose two basis points to 1.81 percent.

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