Sterling gains versus the Dollar as UK House Prices reach record highs
Sterling gained against the Dollar after a report showed UK housing prices have increased for a fifth successive month. The Pound rose from near the lowest level in six weeks versus the Dollar. House prices increased 2.1 percent this month.
Meanwhile, the Euro remained unchanged versus the Dollar in the higher end of the range after the Italian industrial sector posted diverse results during March. Industrial sales shrank 7.6% while orders dropped 10%.
Also, US factory output declined and the motion in the housing sector eased. Progress in the jobs market also weakened as new claims for unemployment benefits rose with the balance of news releases adding to concerns over the impact of planned US government spending cuts. Despite the downbeat US data, the Dollar proved to be fairly resilient posting gains against the Euro and Sterling over the week.