BLBG:Pound Falls Against Dollar, Paring Weekly Gain, as Asian Equities Decline Q
The pound weakened against the dollar and the yen as Asian stocks declined, spurring demand for safer assets.
The pound still headed for its first weekly gain in six weeks versus the U.S. currency after a report showed U.K. consumer sentiment rose for the first time in four months. The MSCI Asia Pacific Index fell 0.5 percent.
Sterling dropped 0.4 percent to $1.5570 at 8:12 a.m. in London, and slid 0.7 percent to 119.24 yen. It was little changed at 86.90 pence per euro.
An index of U.K. consumer sentiment gained 1 point from August to minus 30, London-based research group GfK NOP Ltd. said in an e-mailed report today. A measure of households’ expectations for the economy over the coming 12 months climbed 4 points to minus 27.
The pound has gained 2.9 percent in the past three months, the third best performer among 10 developed-market currencies tracked by Bloomberg Correlation-Weighted Indexes.
To contact the reporter on this story: Keith Jenkins in London at Kjenkins3@bloomberg.net
To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net
