Pound Declines for Third Week Versus Dollar; 10-Year Gilts Rise
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The pound dropped for a third week against the dollar after industrial production and house-price data added to evidence the U.K. economy is struggling to emerge from a recession.
Sterling also declined against the yen. It gained against the euro. Reports this week showed manufacturing shrank more than economists forecast in August and house prices fell for a third month. The U.K. economy has shrunk for each of the three quarters through June and gross domestic product figures for the period through September are due on Oct. 25. Ten-year gilts advanced for the third time in four weeks.