Pound Declines Versus Dollar After U.S. Existing Home Sales Jump
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The pound snapped a nine-day rally against the dollar amid better-than-expected U.S. housing data and signs of weakness in the U.K. economy.
Sterling slipped against 13 of its 16 most actively traded counterparts. Sales of U.S. previously-owned homes jumped more than forecast in December, according to figures published today. Employment data in the U.K. showed youth unemployment increasing to the highest since at least 1992 and pay growth trailing the inflation rate, even as overall jobless claims fell.