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Pound Is Little Changed Before U.K. House-Price Report

Pound Is Little Changed Before U.K. House-Price Report

The pound was little changed against the dollar and the euro before a report that economists said will show U.K. house prices stagnated in January. Sterling was within 0.1 percent of a five-month low against the U.S. currency. Home values were unchanged last month from December, when they advanced 1.3 percent. The Bank of England will leave its benchmark interest rate unchanged at a record-low 0.5 percent and maintain its asset-purchase target at 375 billion pounds ($587 billion) tomorrow, separate surveys show.

In other news, Royal Bank of Scotland Group Plc is set to pay £400 – £500 m ($783 million) in fines for manipulating interest rates, the second-largest penalty imposed in a global regulatory probe, two people with knowledge of the matter said. It’s the third fine to result from a probe into whether lenders rigged the London interbank offered rate, or Libor.

On the FX markets, despite the better than expected UK services PMI data, Sterling continued its downward trend falling to a low of $1.5628 against the USD. GBP/EUR was also under pressure slipping to a low of €1.1507 before recovering some lost ground.

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