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Pound Little Changed Versus Dollar After U.K. House-Price Report

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Pound Approaches 11-Week High After U.K. Property-Price Report
The pound has gained 1.2 percent in the past month, according to Bloomberg Correlation-Weighted Indexes that track 10 developed-nation currencies. Photographer: Chris Ratcliffe/Bloomberg

May 1 (Bloomberg) -- The pound was within 0.2 percent of an 11-week high against the dollar as an industry report showed U.K. house prices were little changed in April.

The average cost of a home fell 0.1 percent from March to a seasonally adjusted 165,586 pounds ($257,300), Nationwide Building Society said. Prices rose 0.9 percent from a year earlier, the biggest annual increase in 14 months. U.K. government bonds were little changed before a separate report that economists said will show that U.K. manufacturing improved in April.

The pound traded at $1.5535 at 8:48 a.m. London time, after climbing to $1.5569 yesterday, the most since Feb. 13. The U.K. currency was at 84.78 pence per euro. It reached 83.98 pence on April 26, the strongest since Jan. 24.

An index of manufacturing activity based on a survey of purchasing managers rose to 48.5 last month from 48.3 in March, London-based Markit Economics will say today, according to the median estimate of 28 analysts in a Bloomberg News survey. A reading below 50 indicates contraction.

The pound has gained 1.2 percent in the past month, according to Bloomberg Correlation-Weighted Indexes that track 10 developed-nation currencies. Sterling is still down 3.2 percent this year.

The 10-year gilt yield was at 1.69 percent. The price of the 1.75 percent bond due in September 2022 was at 100.505. Two-year rates were at 0.23 percent.

Gilts returned 1.7 percent this year through yesterday, according to indexes compiled by Bloomberg and the European Federation of Financial Analysts Societies. German bonds rose 1 percent and U.S. Treasuries earned 0.9 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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