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TWI sterling rises to 84.7, hits highest of 2009

Tue Jun 30, 2009 3:10am EDT

LONDON, June 30 (Reuters) - Sterling hit its highest level of the year against a basket of currencies on Tuesday, boosted by gains against the dollar earlier in the day.

Currencies  |  U.K. Markets

Trade-weighted sterling =GBP, which tracks the pound's value against a basket of currencies belonging to the UK's major trade partners, rose to 84.7, its highest since early November, according to records kept by the Bank of England.

The index rose after sterling GBP=D4 jumped roughly 1 percent to an eight-month high of $1.6745.

The pair was boosted after data showing that that UK house prices rose for the second month in a row in June and posted their smallest annual fall in nearly a year suggested that the ailing UK housing market may be stabilising.

(Reporting by Naomi Tajitsu)

Currencies
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