Pound Rises Versus Euro, Trims Weekly Drop, as Deficit Shrinks
This article is for subscribers only.
The pound rose for the first time in four days against the euro after a report showed Britain’s budget deficit was the smallest for a September since 2008.
Sterling slid for a fourth week against the dollar, the longest streak of losses in four months, after Bank of England policy maker David Miles said the U.K. economy was not recovering as well as he had hoped. The pound trimmed its weekly drop versus the euro after a technical indicator used by traders to predict price changes signaled its recent decline was excessive. Gilts are also set for a weekly fall, with 10-year yields touching 1.96 percent yesterday, the highest in a month.