The English pound on Wednesday climbed against the U.S. dollar, after having scraped its lowest value in about three years as speculation grew during the past seven days that selloffs were overdone, Bloomberg reports.
Anticipations are high about economic data to be released by the Bank of England next week about inflation. Preoccupations are gaining momentum regarding the strength of the regional recovery from the Great Recession in the aftermath of a report indicating manufacturing dropped in May.
Gains for the pound during the Wednesday trade session were as high as 0.2 percent one day after the pound fell to its lowest value since late June. The pound scraped its lowest value since March 14 against the common currency of the European Union on Tuesday.
The Bank of England intends to preserve borrowing costs at record low levels, new Governor Mark Carney said last week. On Thursday, BOE policy maker David Miles is scheduled to speak in London regarding the repayment of household debt.
Having begun his term as BOE governor earlier this month, Carney has been selected for the board of the Swiss Bank for International Settlements, according to RTT.
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