Rodney
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Pound Falls on Signs House-Price Growth Slowing - 2007/09/13 20:31
The pound fell to a 14-month low versus the euro as a survey showed U.K. house prices declined for the first time since 2005, damping speculation that the Bank of England will need to raise interest rates again.
The pound is near a four-month low against the euro as higher borrowing costs from the U.S. subprime loan slump prompt traders to cut bets the U.K. central bank will lift rates again this year. The number of real-estate agents saying house prices fell exceeded those reporting gains by 1.8 percentage points, the Royal Institution of Chartered Surveyors said.
The pound slipped to $2.0261 by 11:58 a.m. in London, from $2.0292 late yesterday. It fell to as low as 68.75 pence per euro, its weakest since July 2006, compared with 68.51 pence.
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