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Pound rises to strongest level in 22 months

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Pound rises to strongest level in 22 months

The pound rose to the strongest level in 22 months against the euro as a report showing the UK jobless rate slid to the lowest in 5 1/2 years added to signs the economy can withstand higher interest rates.

The pound strengthened 0.1% to 79.08 pence per euro during morning trading in London after touching 78.99, the most since September 2012. Sterling slipped 0.1% to $1.7124 after appreciating to $1.7192 yesterday.

Sterling was about 0.3% from the highest level since October 2008 versus the dollar. The jobless rate fell to 6.5% in the three months through May, from 6.6% in period ending April, the Office for National Statistics said in London today. A separate report showed pay growth eased in the latest three months. UK government bonds were little changed.

The pound rose 12% in the past 12 months, the best performer among 10 major currencies tracked by Bloomberg Correlation-Weighted Indexes. The euro rose 1.1%, while the dollar fell 2.1%.

Gilts returned 3.9% this year through yesterday, Bloomberg World Bond Indexes show. That compares with a 5.2% gain for German bunds and a 3.1% return for US 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.