The Great Britain pound fell against the US dollar today even though UK house prices surged this month. The currency advanced versus the yen, which was weakened by widening Japan’s trade balance deficit.
The Rightmove House Price Index jumped 2.8 percent in October from the previous month and 13.8 percent from a year ago. It was a biggest advance since February.
Bank of England policy maker Ben Broadbent said that an interest rate hike should be considered only when economic recovery becomes stable:
We want to ensure that this recovery, which is only just beginning in a way, continues and is not choked off by a premature rise in interest rates.
GBP/USD fell from 1.6172 to 1.6154 as of 11:50 GMT today. At the same time, GBP/JPY edged higher from 158.25 to 158.51.
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