Pound Rises Versus Dollar as Home Loans Gain to Nine-Month High
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The pound strengthened against the dollar, set for its first weekly advance in a month, after a British Bankers Association report showed mortgage approvals rose to a nine-month high in October.
The U.K. currency fell to its weakest level in four weeks against the euro before European finance ministers meet on Nov. 26 to find a way to plug Greece’s budget shortfall. Gilts were little changed, with 10-year yields set for their first weekly increase since Oct. 19. A report next week will show U.K. gross domestic product grew 1 percent in the third quarter, confirming an earlier reading, according to the median estimate of 24 economists surveyed by Bloomberg News.