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FX round-up: Sterling rises on weak dollar

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Date: Monday 14 Jul 2008

LONDON (ShareCast) - Sterling rose against the dollar as worries about the UK economy were overshadowed by troubles in the US mortgage market.

The dollar fell as investors continued to fret about the US financial market and in particular mortgage giants Fannie Mae and Freddie Mac. Reports suggested Fed chairman Ben Bernanke told Freddie Mac that both it and Fannie Mae could take advantage of emergency funding.

In the UK, figures from Halifax showed that the recent slump in house prices slowed a little in June although they’re still down 6.1% on this time last year.

An average home cost £180,344 last month, 2% less than in May when prices fell 2.5%, said the UK's largest mortgage lender.

In another sign of weak consumer confidence, department store chain John Lewis reported a drop in weekly sales again.

The firm’s takings fell 1.3% in the week to 5 July despite clearing much of its old stock and selling good volumes of full-price goods.

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