The monetary unit of the U.K. rose on Friday against the common currency of the European Union, spurred to climb by strong economic data about the regional housing market, according to Bloomberg.
Mortgage approvals in November in the U.K. drove to their highest level since 2008. The pound also benefited from economic data that indicated home prices rose in December, which aided the pound's third-straight week of gains against the euro. Construction production in the U.K. climbed in December, marking an eighth-straight month of climbs.
Mark Carney, governor of the Bank of England, said last month that the regional housing market is subject to sudden spikes higher, Reuters reports.
"Policy measures also played an important supporting role by helping to keep mortgage rates close to all-time lows and improving the availability of credit, especially for those with smaller deposits," chief economist Robert Gardner with Nationwide told Reuters on Friday.
The pound advanced about 0.2 percent against the euro during the Friday trade session, spurring the weekly advance to about 0.6 percent against its rival. The pound pushed to its highest rate since August 2011 against the world's reserve currency on Thursday.
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