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Sterling rises as strong housing data cements May rate hike bets


Monday, 9 April 2018 17:17 WIB

poundSterling,Poundsterling


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The British pound rose against a mostly firmer dollar on Monday and was on track for a third consecutive day of gains as investors were encouraged by data showing British house prices rising more than expected in March.

Since Britain signed a transition agreement last month to cover the 21-month period after it leaves the European Union, concerns about Brexit have abated as investors focus on the state of the UK economy before an expected interest rate rise in May.

Sterling rose 0.1 percent against the dollar to $1.4104 on Monday after mortgage lender Halifax said that house prices rose by a stronger-than-expected 2.7 percent in the first three months of 2018.

The data is likely to bolster expectations that the Bank of England will raise rates next month by a quarter percentage point and reduce fears among investors that Britain’s economy is too weak to stomach a second hike later in 2018.

Against the euro, the pound strengthened 0.2 percent on Monday to 87.04 pence. (sdm)

Source: Reuters


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