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 Pound Gains Above $2 - 2007/06/28 21:22 Pound Gains Above $2 as Report Shows Faster House Price Growth

The pound rose above $2 for the third day this week as quickening U.K. house-price growth spurred speculation the Bank of England will resume raising interest rates to cut inflation.

The pound rose to the highest since May 1 against the dollar after Nationwide Building Society said U.K. property-price inflation accelerated to a 2 1/2-year high. BOE Governor Mervyn King this morning told lawmakers that raising interest rates now would help the economy avoid a slowdown later.

Against the dollar, the pound rose to as high as $2.0043 and was trading at $2.0022 by 12:57 p.m. in London, from $1.9993 late yesterday. The U.K. currency also rose versus the euro, to 67.26 pence, from 67.28 pence yesterday.
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