The pound strengthened against the dollar before a British Bankers Association report that economists said will show mortgage approvals rose last month. Sterling was set for its first gain in four weeks versus the U.S. currency. Mortgage approvals rose to 32,000 in October from 31,175 a month earlier, according to the median estimate of 11 analysts in a Bloomberg News survey. The U.K. currency reached the lowest level in four weeks against the euro before European finance ministers meet on Nov. 26 to find a way to plug Greece’s budget shortfall. The pound gained 0.2 percent to $1.5964 as of 7:54 a.m. London time, extending this week’s advance to 0.5 percent. Sterling was little changed at 80.84 pence per euro after touching 80.87 pence, the weakest since Oct. 25. Sterling has gained 1.1 percent this year, according to Bloomberg Correlation-Weighted Indexes which track 10 developed- market currencies. The euro declined 2.3 percent and the dollar dropped 1.9 percent. Gilts returned 2.6 percent this year through yesterday, according to indexes compiled by Bloomberg and the European Federation of Financial Analysts Societies. German bunds gained 3.4 percent and U.S. Treasuries earned 2.4 percent. To contact the reporter on this story: Anchalee Worrachate in London at aworrachate@bloomberg.net To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net

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