Pound jumps to strongest since 2007 versus euro on Greek ballot
By Bloomberg
The pound advanced to its strongest level against the euro since 2007 after Greece broke off bailout negotiations and moved closer to leaving the currency bloc.
Sterling’s third day of gains versus its European counterpart extended a three-week advance. Greek Prime Minister Alexis Tsipras called Friday for a July 5 referendum on creditors’ latest aid proposals, saying he’d advocate a “no” vote. U.K. government bonds climbed, pushing 10-year yields to the lowest level in more than a week.
The pound advanced 0.5 percent to 70.59 pence per euro at 10:29 a.m. London time after appreciating to 69.89 pence, the strongest level since Nov. 12, 2007. Sterling declined 0.3 percent to $1.5707.
Sterling rose 2.5 percent in the past month, the biggest gainer among 10 major currencies tracked by Bloomberg Correlation-Weighted Indexes, amid signs the U.K.’s economic expansion is gathering pace.
Benchmark 10-year gilt yields decreased 13 basis points, or 0.13 percentage point, to 2.06 percent after touching 2.02 percent, the lowest since June 19. The 5 percent bond due in March 2025 rose 1.26, or 12.60 pounds per 1,000-pound face amount, to 125.705.
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