Do More With Reuters
Partner Services

UK data lifts sterling vs euro; dollar bounce hits cable

Fri Oct 30, 2009 9:32pm IST
 
Email | Print | | Single Page
[-] Text [+]

* UK consumer confidence, housing data lifts stg vs euro

* Buoyant dollar pushes cable back below $1.65 * Pound on track for biggest weekly gain vs euro in 9 months

* Attention turns to BoE's decision on QE next week

By Jamie McGeever

LONDON, Oct 30 (Reuters) - Sterling rose against the euro on Friday on the back of perky UK consumer confidence and housing data, but fell by a bigger margin against the dollar as declines in global stocks boosted the U.S. currency across the board.

This meant sterling was firmly on track for its biggest weekly rise against the euro in nine months, extending this week's rebound as traders put the surprise fall in third-quarter UK output announced last week to the back of their minds.

But losses of 1 percent or more on major U.S. and European stock markets triggered selling in "high beta" currencies closely linked to stronger growth and asset markets, such as sterling, in favour of the dollar.

At the end of a week of generally mixed UK economic reports, the Nationwide Building Society on Friday said that British house prices rose for a sixth month running in October to register their first annual gain since early 2008.  Continued...

Dubai Debt Fears

Villas are seen on the The Palm, Jumeirah, with Atlantis, The Palm, under construction on the breakwater (crescent), May 3, 2008.  REUTERS/Jumana El Heloueh

Banks outside the Gulf played down their exposure to Dubai debt, after fears the emirate could default and even derail world economic recovery prompted a sell-off in global markets.  Full Article | Slideshow 

India Investment Summit 2009
India Investment Summit 2009

Top executives and bankers discuss their own plans and the broader opportunities and challenges for India.  Full Coverage 

People stroll outside the Taj Mahal hotel ahead of the first anniversary of the militant attacks in Mumbai, November 24, 2009.  REUTERS/Punit Paranjpe
Investors worry about another attack

The risk of militants striking again worries investors who fear that a second attack similar to last year's Mumbai raids could shake the economy.  Full Article | Full Coverage 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives

road to Copenhagen

BLOGS

Photo
Calculated Move

Reliance aims big with $12 bln bid for LyondellBasell.  Blog 

SHOWCASE

Capital Raising
Capital Raising

Analysis - China banks' rush for billions could trip markets.  Full Article 

 
Photo
Bonus Payout

"Bonus" has become a dirty word on Wall Street.  Full Article 

 
Bubble trouble?
Bubble trouble?

With the BSE Sensex at around 17,000 points, are the Indian equity markets looking at a possible bubble?   Commentary 

 
Funding Blues
Funding Blues

A popular tactic used by Indian brokerages to raise money for rich clients is likely to be banned.  Full Article 

 
Recovery Path
Recovery Path

Indian techie logging out of downturn gloom.  Full Article 

 
Central Banks Cautious
Central Banks Cautious

Reuters tracks the policies of the world's top central banks as the debate over global economic recovery rages on.   Full Coverage 

 
Risky Proposal
Risky Proposal

Rupert Murdoch courts trouble if he blocks Google on news.  Full Article