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The pound fell to a one-month low against the euro after a government report showed U.K. retail sales unexpectedly declined last month, supporting the central bank’s case to boost monetary stimulus.
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The yen fell to the weakest in three years against the euro after Bank of Japan policy makers affirmed a plan to double the monetary base over two years and their statement showed no concern with rising bond yields.
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Stocks in Europe declined from their highest level in almost five years before Federal Reserve Chairman Ben S. Bernanke testifies on the outlook for the world’s biggest economy. U.S. futures advanced, while Asian stocks were little changed.
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U.K. stocks were little changed near their highest level since 1999 as investors awaited Federal Reserve Chairman Ben S. Bernanke’s testimony to U.S. Congress.
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Bank of England Governor Mervyn King was defeated for a fourth month in his bid to expand stimulus as the majority of officials cautioned against the danger of stoking inflation expectations.
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Bank of England Governor Mervyn King will today assess if the economy’s return to growth is convincing enough for him to end a push for more stimulus after an unprecedented run of three vote defeats.
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The Bank of England left its stimulus program unchanged as officials assess recent signs of strength in the economy after it returned to growth in the first quarter.
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The pound posted its biggest monthly gain versus the dollar since October 2011 as a report showed British banks granted more loans for homes in March than analysts predicted, adding to signs the economy is improving.
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U.K. mortgage approvals rose more than forecast in March as an easing of credit conditions helped support the housing market.
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Bank of England policy maker David Miles said he doesn’t see evidence of asset price bubbles in the U.K., countering criticism that the country’s central bank is fueling excessive risk-taking.
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