U.K. Pound Advances Against Dollar, Little Changed Versus Euro

By Justin Carrigan

Dec. 10 (Bloomberg) -- The British pound rose against the dollar and was little changed versus the euro. It strengthened to $1.4780 as of 6:31 a.m. in London, from $1.4750 yesterday. Against the euro, it traded at 87.55 pence, from 87.60 pence. It earlier weakened to a record 87.70 pence.

The U.K. economy may contract at the fastest pace since 1990 in the current quarter as the recession intensifies, the National Institute for Economic and Social Research said today.

To contact the reporter on this story: Justin Carrigan in London at jcarrigan@bloomberg.net