The emergence of a strong candidate for the top job with the U.S. Federal Reserve spurred the English pound's climb on Monday, Bloomberg reports.
Vice Chair Janet Yellen, who is believed to be friendly to stimulus measures, is believed to be the leading candidate to fill the seat occupied by Ben Bernanke after ex-U.S. Treasury Secretary Lawrence Summers penned a letter to President Barack Obama stating his withdrawal. The pound also benefited from recent action by the Monetary Policy Committee of the Bank of England, The Guardian reports.
"The most interesting development over the past week was the indication of rising hawkish dissent over the implicit signal that bank rate is on hold until late 2016," UK economist Ross Walker with the Royal Bank of Scotland told The Guardian on Monday.
The British pound increased about 0.4 percent against the world's reserve currency. Its performance against the common currency of the European Union was even.
The Bank of England is unlikely to boost interest rates in advance of the region's unemployment rate falling to 7 percent, according to The Guardian. Governor Mark Carney has stated that's the policy he is sticking to.
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