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Pound Gains as House Prices Add to Bets Recovery Is Sustainable

The pound rose to its strongest level this month against the euro as a report showing house prices advanced added to signs the U.K. recovery is gathering pace while Europe struggles with its debt crisis.

Sterling also climbed to its strongest level in more than two weeks against the dollar. House prices rose to the highest in more than two years in November, a report indicated today. The Bank of England yesterday kept its benchmark interest rate steady and government data showed record imports in October. Government 10-year bonds headed for a weekly decline.