The pound weakened against the dollar as Group of 20 leaders met in Seoul and data showed U.K. consumer confidence fell to a 19-month low, boosting demand for the U.S. currency as a haven. Sterling was little changed versus the euro. G-20 leaders endorsed gradual changes in exchange rates and agreed to develop early-warning indicators to avoid “uncoordinated policy” that will lead to “worse outcomes for all,” according to a joint statement released as the summit came to a close. The G-20 policy makers also discussed Ireland’s debt crisis, which has weakened the euro versus the U.S. dollar. “The move that we’ve really seen today was in Asian afternoon trading, which was in response to the G-20,” said Lauren Rosborough, a senior strategist at Westpac Banking Corp. in London. “We saw the dollar rally quite strongly, we’ve seen the euro come off quite strongly and sterling’s been pulled lower.” The pound fell 0.5 percent to 1.6049 at 8:17 a.m. in London, paring two days of gains. It was little changed against the euro at 84.88 pence. The Nationwide Building Society said its October index of sentiment dropped to 52, the lowest since March 2009, as consumers braced for planned government spending cuts of 81 billion pounds through 2015. The survey predated Chancellor of the Exchequer George Osborne’s announcement detailing the reductions. U.K. government bonds rose, pushing the 10-year yield down four basis points to 3.12 percent. The two-year note yield was little changed. 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.

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