BLBG:U.K. Pound Declines Against Higher-Yielding Counterparts as Stocks Rebound
The pound declined against its higher-yielding counterparts, including the New Zealand dollar and South Korean won, as Asian stocks rose for the first time in three days, stoking demand for riskier assets.
Sterling climbed against the dollar and was little changed versus the euro before a report economists said will show U.K. jobless claims increased at a slower pace last month. Jobless- benefit claims rose 15,000 in June from May, when they jumped 19,600, the Office for National Statistics will say today in London, according to the median prediction of 21 economists surveyed by Bloomberg.
The pound weakened 0.3 percent to 1.9389 New Zealand dollars as of 7:42 a.m. in London, and lost 0.5 percent to 1,692.16 won. It rose 0.2 percent to $1.5942 and traded at 87.79 pence per euro from 87.83 pence yesterday.
Sterling has lost 6.4 percent in the past year, the second- biggest decline after the dollar, according to Bloomberg Correlation-Weighted Currency Indexes, which track 10 developed- market currencies. The Swiss franc has jumped 15 percent.
To contact the reporter on this story: Lukanyo Mnyanda in Edinburgh at lmnyanda@bloomberg.net
To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net
