The English pound pushed to its top level in about four years against the world's reserve currency on Monday amid confidence the regional economy is continuing to grow stronger, according to Bloomberg.
The U.K. is prepared to release economic data about gross domestic product on Tuesday and economists said the data will climb at the most rapid pace since 2010. Bonds issued by the U.K. dropped after data noted prices of homes were on the rise.
"GDP figures are out tomorrow and with good news people have decided to test recent highs" regarding the pound, head of Group-of-10 foreign-exchange strategy Stuart Bennett with Banco Santander SA in London told the news source on Monday. "The market is still quite long sterling, it's a crowded trade at the moment and it's going to take a lot to jump higher."
The pound climbed 0.2 percent against the U.S. dollar, marking its biggest rise since the middle of the month.
Financial News reports the Bank of England is issuing warnings about asset management growing so big that it is presenting a risk in the industry.
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