Pound Snaps Six-Day Advance Versus Euro Before Trade Data

The pound snapped a six-day advance against the euro before a report economists said will show the trade deficit widened in February.

Sterling weakened against 12 of its 16 major peers. The goods-trade gap widened to 7.65 billion pounds ($12.2 billion) from 7.53 billion pounds in January, the Office for National Statistics will say today, according to the median of 18 forecasts in a Bloomberg News survey. Gilts fell before Britain sells 2 billion pounds of bonds due in June 2032 today.

The pound was little changed at 82.45 pence per euro at 8:21 a.m. London time. It appreciated to 82.30 pence on April 9, the strongest level since Jan. 9. The U.K. currency rose 0.2 percent to $1.5934.

Sterling has strengthened 0.8 percent this year, according to Bloomberg Correlation-Weighted Indexes, which track 10 developed-nation currencies. The euro weakened 0.5 percent, and the dollar dropped 2 percent.

The 10-year gilt yield rose two basis points to 2.07 percent.

To contact the reporter on this story: Lukanyo Mnyanda in Edinburgh at lmnyanda@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net

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