Pound Ends Seven-Day Losing Streak as Mortgage Approvals Surge
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The pound strengthened versus the dollar for the first time in eight days and U.K. government bonds fell after a report showed mortgage approvals jumped the most in six years in April.
Sterling climbed from a four-week low as the Bank of England said approvals rose to 68,076, the highest level since February last year, from an upwardly revised 61,945 in March and compared with the 63,500 estimated in a Bloomberg economist survey. A report on construction also beat forecasts in a sign of confidence in Britain’s economy.