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U.K. Gilts Little Changed Before Industrial-Production Report

Jan. 11 (Bloomberg) -- U.K. government bonds were little changed before a government report forecast to show industrial production increased in November.

The pound reached a two-week low against the euro after European Central Bank President Mario Draghi said yesterday the common-currency area’s economy should gradually recover. U.K. industrial output rose 0.8 percent according to the median estimate in a Bloomberg News survey, after it fell 0.8 percent in October. The U.K. is set to auction 2.5 billion pounds of 28-, 91- and 182-day bills today.

The 10-year gilt yielded 2.10 percent at 9:18 a.m. in London after rising seven basis points yesterday. The price of the 1.75 percent bond due in September 2022 was at 96.99.

Sterling fell 0.1 percent to 82.18 pence per euro after depreciating to 82.19 pence, the weakest level since Dec. 28. The pound dropped 0.1 percent to $1.6151.

The U.K. currency has fallen 1.1 percent this year, the second-worst performer of 10 developed-market currencies tracked by Bloomberg Correlation-Weighted Indexes. The yen dropped 3.1 percent and the dollar declined 0.3 percent.

To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net

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

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