Fears that trouble in the UK housing market could cause the Bank of England to cut interest rates again sent the pound lower on Monday after a report said that the average price of a house in the UK fell the most in five years this month.
The UK currency was at $2.0155 to the pound in late London trade but traded at $2.0196 to the pound in early afternoon trade in New York, while it traded at €1.4041 to the pound and at ¥228.5579 to the pound.
The US dollar was higher against most major currencies on Monday versus the euro on reduced chances that the Federal Reserve will cut interest rates again next month and after new data showing that the US current account deficit was down in the third quarter.
The dollar traded at $1.4384 to the euro in early afternoon trade in New York after trading at $1.4331 to the euro earlier in the session, but it was down in relation to the Canadian dollar on chances that the Bank of Canada will not cut interest rates any time soon.
The yen and the Swiss franc both gained in relation to the euro as investors sought safe places to put their money rather than in more risky carry trades.
In afternoon trade in New York, the yen traded at ¥162.7837 to the euro and at ¥113.1700 to the US dollar while the Swiss franc sat at SFr1.6566 to the euro and at SFr1.1517 to the greenback.
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