BLBG:Pound Weakens Against Dollar as Equities Decline on Greek Default Concern
The pound weakened against the dollar as falling stock markets sapped demand for riskier assets after European government failed to agree on releasing a loan payment to Greece.
Sterling rose against the euro and the Australian dollar. A report showed London home sellers raised asking prices to a record in June. Average prices jumped 1.8 percent from May to 438,622 pounds ($708,680), said London-based Rightmove Plc, the operator of the U.K.’s biggest property website. Nationally, values increased 0.6 percent, according to Rightmove, which added it doesn’t expect gains to be sustained. Bank of England policy maker Adam Posen is due to speak in Madrid today.
The pound fell 0.4 percent to $1.6138, as of 7:26 a.m. in London. Sterling strengthened 0.2 percent against the euro, to 88.18 pence.
The MSCI Asia Pacific Index of shares fell 0.5 percent for a fourth day of declines. Futures on the FTSE 100 Index were 0.9 percent lower.
To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net.
To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net.
