The monetary unit of the U.K. increased in value on Tuesday against the world's reserve currency as regional home prices pushed to all-time high levels last month, according to Bloomberg.
The healthy data about the region's housing market underscored the belief that the region's economy is growing stronger. The value of homes surged about 0.7 percent from April to May, according to data released on Tuesday by the Nationwide Building Society. The pound touched its top level in five years against the U.S. dollar in May.
"It really feels like the pound is bulletproof," senior currency strategist Peter Kinsella with Commerzbank AG in London told the news source on Tuesday. "The pound is supported by data, which consistently prints at robust levels. Any setback will be brief."
The pound edged up about 0.1 percent against the U.S. dollar on Tuesday and was minimally changed against the shared currency of the European Union.
Reuters reports regional construction advanced at its slowest rate since late last year in May, which tempered the pound's advance against the greenback on Tuesday.
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