The pound rose against the euro, dollar and yen after Nationwide Building Society said the average cost of a home jumped 0.9 percent from February to 150,946 pounds All 13 economists in a Bloomberg News survey predicted a decline.
“The pound is very sensitive to the fortunes of the domestic housing market,” said Neil Jones, working with Mizuho Corporate Bank Ltd. in London. “The pound is increasing on the back of this upside surprise in house prices.”
The British currency advanced 0.8% to $1.4585. It strengthened 0.5% to 91.10 pence per euro and climbed 1.6% to 144.78 yen. For the currency trades, we at doitinvest.com think that this also might signal a turnaround point, provided that more positive economical data comes from the UK.