Pound Weakens Against Dollar After House Prices Fall; Gilts Gain
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The pound weakened from within two U.S. cents of an eight-month high against the dollar after an industry report showed a gauge of house prices fell in April.
Gilts advanced as the Royal Institution of Chartered Surveyors said its index of house prices dropped to minus 19 from minus 11 in March. A reading below zero means more surveyors saw price declines than increases. Sterling rose against the euro amid concern Greece will withdraw from the currency bloc. Greek leaders will meet in Athens today after talks yesterday failed to forge a governing coalition following inconclusive weekend elections.