The English pound climbed against the shared currency of the European Union as a consequence of economic data regarding area construction achieved gains for a fourth-straight month, Bloomberg reports.
The purchasing managers survey scaled near its six-year height, spurring the pound to rise to its three-month peak against the 17-nation currency as officials with the central bank of England prepare to convene a policy meeting later this week. Interest rates and monetary stimulus are the two topics that policy makers are preparing to wrestle with.
Each of the 38 economists polled by Bloomberg projected the Monetary Policy Committee of the Bank of England will preserve the 375-billion-pound asset-purchase target when it convenes on Thursday. Policy makers also are poised to keep interest rates at the record-low level of 0.5 percent.
The gain for the pound against the 17-nation currency was roughly 0.4 percent after it notched its strongest value since May 21.
The pound pushed ahead following strong returns regarding manufacturing and construction data, according to Future Currency Forecast. The pound was hovering near its 10-week height against the euro during the Tuesday trading session.
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