The English pound was heading toward its biggest weekly gains in two months against the world's reserve currency on Friday, Bloomberg reports.
The U.K.'s trade deficit shrank in May, which benefited the nation's monetary unit. Governor Mark Carney with the Bank of England also helped strengthen the currency when noting that the bank is striving to slash inflation. The English pound was set to notch it biggest weekly gains against the common currency of the European Union.
The pound's strong week also is linked with economic data indicating services production grew the most in six years.
The Guardian reports the governor of the Bank of England called on banks in England to help create jobs and guide businesses with investments.
"I think finance can absolutely play a socially useful and an economically useful function but what it needs in order to do so, the focus has to be, of the financier, the people working in the banking system, has to be on the real economy, what it does for businesses making investment, what ultimately it means for jobs in the economy," the governor said, according to The Guardian.
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