The English pound was set to mark a second-straight week of gains on Friday against the world's reserve currency as indications noted the U.K. economy is growing stronger, Bloomberg reports.
Economic data about the U.K. labor market prompted the pound to advance to its top value in eight weeks against the greenback on Thursday. Government bonds issued by England climbed as the trade week came to a close.
"The market is obsessed with the economic momentum, but there is a substantial output gap in the U.K., which will require several years of good economic performance to close," strategists with Morgan Stanley stated, according to Bloomberg. "The Bank of England will make it clear pretty soon that it is focusing on the output gap."
The pound was hovering on Friday against the dollar while its weekly advance registered at about 0.9 percent.
Eight of nine BOE policy makers voted against the interest rate plan of Mark Carney, who began his tenure as governor of the body earlier this summer, according to minutes of the most recent policy meeting as cited earlier this week by The Mirror.
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