Pound Rises vs. Euro on House Prices & Services
The Great Britain pound reached today the highest level in two months against the euro as house prices rose and services industry expanded. The currency retreated against the US dollar after the initial advance.
The Halifax House price index rose 2.2% in March, following the drop by 0.4% in February. The Services Purchasing Managers’ Index advanced from 53.8 in February to 55.3 in March, while a decrease to 53.5 was expected by market participants. Other reports earlier this week were also positive, giving analysts reason to believe that Britain’s central bank will keep monetary policy unchanged on tomorrow’s meeting.
EUR/GBP fell from 0.8313 to 0.8277 as of 13:43 GMT today, following the drop to 0.8269 — the lowest level since February 6. Meanwhile, GBP/USD was down from 1.5911 to 1.5864 after reaching the low of 1.5832 — the lowest since March 26.
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