Pound Reaches 2-Week High Against Euro as U.K. Retail Sales Rise

19/12/2013 13:57 AST

The pound reached the strongest level in two weeks against the euro as a report showed U.K. retail sales increased in November, adding to evidence the economic recovery is gaining pace.

Sterling was little changed versus the dollar after the Federal Reserve decided to slow its stimulus program to $75 billion of monthly asset purchases from $85 billion. The U.K. currency posted its biggest daily gain versus the euro in more than two years yesterday after data showed British unemployment fell to the lowest since April 2009. U.K. government bonds fell.

The pound was little changed at 83.51 pence per euro at 9:40 a.m. London time after surging 1.4 percent yesterday, the biggest increase since October 2011. It earlier advanced to 83.39 pence, the strongest level since Dec. 5. The U.K. currency was at $1.6381 after rising to $1.6484 yesterday, the highest since August 2011.

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