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Pound Is Little Changed Against Euro Before Labor Market Report

The pound was little changed against the euro and the dollar before a report economists said will show jobless claims increased at a slower pace in November.

Sterling was 0.3 percent from the strongest level in more than a month against the U.S. currency. Jobless-benefit claims increased 7,000 from October, when they jumped 10,100, the Office for National Statistics will say today, according to the median of 25 estimates in a Bloomberg News survey. The unemployment rate, calculated using International Labour Organization methods, was unchanged at 7.8 percent in the three months through October, a separate survey shows.

The pound traded at 80.77 pence per euro at 7:57 a.m. London time, after depreciating 0.3 percent yesterday. Sterling was at $1.6099. It climbed to $1.6131 on Dec. 4, the highest since Nov. 2.

The pound has gained 1.3 percent this year, according to Bloomberg Correlation-Weighted Indexes, which track 10 developed-market currencies. The euro declined 2.3 percent and the dollar fell 2.6 percent.

Gilts have returned 2.6 percent this year through yesterday, according to indexes compiled by Bloomberg and the European Federation of Financial Analysts Societies. German bonds gained 4.2 percent and U.S. Treasuries earned 2.5 percent.

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

To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net

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