Pound Gains Most Since 2009 as BOE Refrains From Adding Stimulus
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The pound rose the most since October 2009 against the dollar as the Bank of England refrained from adding to stimulus that debase the currency at Governor Mervyn King’s final meeting amid signs growth is accelerating.
The U.K. currency advanced versus all except two of its 16 major peers as a Halifax report showed house prices rose for a fourth month in May. Gilts fell as European Central Bank President Mario Draghi said the ECB kept further measures, including negative deposit rates, on the shelf at this month’s meeting. The pound is still the worst performer among Group of Seven countries since King became central-bank governor in July 2003, according to Bloomberg Correlation-Weighted Indexes.