16 May 2005, 12:00  Sterling extended losses against the dollar

Sterling extended earlier losses against the buoyant dollar on Monday, falling below $1.84 for the first time since November following a weak UK housing survey. Analysts said the pound was driven also by broad strength of the dollar, which hit a seven-month against the euro. Property website Rightmove said asking prices on British homes rose a modest 0.3 percent between mid-April and mid-May, but the annual gain slumped sharply to 4.9 percent from 7.0 percent -- the lowest annual rate such figures were first available in 2002. "The house price data shows a slowing market," a UK bank trader said.

© 1999-2024 Forex EuroClub
All rights reserved