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Pound climbs against euro on strong economic data

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Pound climbs against euro on strong economic data

The pound rose against the euro for the first time in three days after data showed the UK economy grew for a sixth quarter, meeting economist expectations.

Sterling is set for third weekly decline versus the dollar after an industry report that showed the London property market stagnating. Gross domestic product increased 0.8% in the three months through June, matching growth in the first quarter, the Office for National Statistics said today.

Benchmark 10-year gilts were poised for their first weekly drop since July 4.

Sterling strengthened 0.1% to 79.17 pence per euro during morning trading in London. The pound was little changed at $1.6986. It reached $1.7192 on July 15, the highest since October 2008.

The 10-year gilt yield was little changed at 2.61%. The rate has risen four basis points, or 0.04 percentage point, this week. The 2.25% bond maturing in September 2023 was at 97.07.

Gilts returned 4.5% this year through yesterday, Bloomberg World Bond Indexes show. That compares with a gain of 5.3% for German securities and 3.3% for Treasuries.

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6th Floor, ABSA house,
Ebene Cybercity,
Mauritius,
J. Balcikonio str. 9,
LT- 08314, Vilnius,
Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

Contact

Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.