BLBG:Pound Is Little Changed Against Dollar Before Home Loans Data
The pound was little changed against the dollar and the euro before a report that economists forecast will show bank lending for U.K. home purchases increased in November.
Sterling climbed to the strongest level against the yen since April last year amid speculation the Bank of Japan (8301) will step up stimulus measures to support growth. The number of loans banks approved for house purchases rose to 34,500 last month from 33,039 in October, according to the median estimate of seven analysts in a Bloomberg News survey. The British Bankers Association will publish the data at 9:30 a.m. in London.
The pound was at $1.6141 as of 7:49 a.m. London time. Sterling was little changed at 82.06 pence per euro after depreciating to 82.09 pence yesterday, the weakest since April 25. The U.K. currency rose as much as 0.3 percent to 138.59 yen, the highest since April 12, 2011.
The British currency has gained 1.3 percent this year, according to Bloomberg Correlation-Weighted Indexes, which track 10 developed-market currencies. The euro declined 0.5 percent and the dollar fell 2.9 percent.
Gilts returned 2.2 percent this year through yesterday, according to indexes compiled by Bloomberg and the European Federation of Financial Analysts Societies. German bunds gained 4 percent and Treasuries earned 2.1 percent.
To contact the reporters 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
