Pound Gains Most in Two Months as Growth Quickens; Gilts Decline

29/12/2013 08:10 AST

The pound rose the most in two months against the dollar this week as confidence in Britain’s economic recovery was boosted by a revival in the housing market and falling unemployment.

Sterling advanced versus all but two of its 16 major counterparts before reports next week that economists said will show U.K. home prices increased this month and mortgage approvals climbed in November. Britain’s government bonds fell, pushing 10-year yields above 3 percent for the first time since September, as the Treasury said it’s considering making it easier for new banks and alternative finance providers to lend to smaller companies.

“We can understand the long position in sterling,” said Peter Rosenstreich, chief foreign-exchange analyst at Swissquote Bank SA in Zurich, referring to a bet that an asset will rise. “The U.K. economy may grow at a faster pace than forecast by policy makers. The prospect of Bank of England tightening getting pulled forward is increasing.”

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