Pound Heads for Weekly Gain as Home Prices Add to Growth Signs
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The pound headed for a second weekly gain versus the dollar after an industry group predicted U.K. house prices will accelerate next year and a Bank of England official said the economy will improve.
Sterling appreciated against 12 of its 16 major counterparts as investors said Standard & Poor’s decision yesterday to lower the U.K.’s credit-rating outlook will have little impact. Ten-year gilts dropped for a sixth day as European Union leaders pledged to seek a joint strategy for handling failing banks, damping demand for safer investments.