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Pound rises to three-month high
15.04.09
The pound jumped against the dollar today, rising above the key $1.50 level and hitting a six-week high against the euro after some UK housing data raised expectations of recovery.
Technical factors also accelerated gains, with the pound rising as high as $1.5038, recovering above the $1.5 level for the first time since mid-January.
The euro fell to 88.32 pence, the lowest since early March.
"The strong RICS (Royal Institution of Chartered Surveyors) survey overnight has boosted sterling. It is higher than it was 12 months ago and people are seeing tentative signs of green shoots in the UK housing markets," State Street currency strategist Lee Ferridge said.
The monthly property survey reported its seasonally adjusted house price balance rose to -73.1 in March from -78.1 in February.
