Pound Climbs From 4-Month Low Versus Euro as Mortgage Deals Rise
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The pound strengthened from a four-month low against the euro after an industry report showed U.K. mortgage approvals rose last month to the highest since April.
The pound slid to the lowest in seven weeks versus the dollar and gilts rose as stock declines spurred demand for the safety of haven assets. Government bonds also gained after the Debt Management Office sold 4.25 billion pounds ($6.8 billion) of bonds maturing in January 2044 via banks today. Sterling was boosted as economists said a report this week will show the U.K. exited a recession in the third quarter.