Pound Advances After Consumer Confidence Increases as Gilts Fall
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The pound climbed versus the dollar for the first time in four weeks after data showing house prices and consumer confidence increased added to evidence of an improving economy and spurred demand for U.K. assets.
Sterling advanced against most of its 16 major peers after the British Chambers of Commerce revised upward its forecasts for U.K. growth through 2015. House prices increased the most in 18 months in May, Nationwide Building Society said on May 30. Data last month confirmed the U.K. economy grew 0.3 percent in the first quarter, avoiding a triple-dip recession after a contraction in the previous three months. Gilts fell.