GBP Advances as G-20 Meeting Improves Outlook for Global Economy

Another currency that benefited from the meeting of the Group of Twenty nations chiefs was the Great Britain pound. The sterling reached the record low versus the yen yesterday. The G-20 leaders said their nations are “committed to a strong and coordinated international response to address the renewed challenges facing the global economy”. The Stoxx Europe 600 Index rose 0.6 percent, while the FTSE 100 Index climbed 0.5 percent. The number of the new mortgages approved for home purchase by the banks of British Bankers’ Association rose to 35,226 in August from 33,734 in July, compared to forecasts of 33,200. GBP/USD climbed from 1.5341 to 1.5445 after reaching the daily high of 1.5486, while GBP/JPY climbed from 116.91 to 118.13 as of 17:40 GMT today.