The English pound advanced to its nine-week high against the common currency of the European Union on Wednesday as the central bank prepares to publicize a monetary policy decision on Thursday, according to Bloomberg.
Confidence is mounting that the Bank of England will boost borrowing costs, as Governor Mark Carney has said the body would while the economy shows signs of strengthening. The pound has climbed roughly 4.3 percent against the U.S. dollar during the past 180 days.
“The pound continues to trade at reasonably robust levels and should continue doing so,” senior foreign-exchange strategist Peter Kinsella with Commerzbank AG in London told Bloomberg on Wednesday, also noting sterling’s advances is “a reflection of dollar weakness more so than just sterling strength. However most of the U.K. data has been reasonably good.”
The pound edged up about 0.1 percent against the 18-nation currency on Wednesday but it was minimally changed against the U.S. dollar.
The Independent reports the Organisation for Economic Co-operation and Development said the central bank should intervene to address the expansive growth of the regional housing market in the U.K.
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