Pound Advances Above $1.62 to Nine-Month High Amid Growth Signs
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The pound rose above $1.62 to the highest level in almost nine months after reports showed house prices climbed the most in six years and mortgage approvals increased, adding to signs the economy is gaining momentum.
Sterling climbed to the strongest since January versus the euro after Bank of England Governor Mark Carney said last week that he saw no case for more stimulus that tends to debase a currency. U.K. government bonds dropped amid speculation Italian Prime Minister Enrico Letta can survive a challenge from former premier Silvio Berlusconi, damping demand for the safest fixed-income securities.