The English pound rose to its 30-day height against the common currency of the European Union on Tuesday in the aftermath of economic data indicating service production in October developed more quickly than any time since 1997, Bloomberg reports.
The pound pushed ahead against the world's reserve currency for a second-straight day after independent economic data forecast economic growth is slated to continue rising. Bonds issued by the government lost value.
Markit Economics stated on Tuesday that the survey of purchasing managers increased to 62.5 percent in October after having checked in at 60.3 during the month prior. Last month's information represents its highest level since May 1997. The metric's 50-level separates expansion from contraction.
The monetary unit rose roughly 0.6 percent against the shared currency after climbing to its top value since early October against its counterpart. The pound gained about 0.5 percent against the greenback.
Bank of England Governor Mark Carney last week said the economic recovery is still in early phases and it will gain traction from house prices climbing and strong consumer demand, according to Reuters.
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