The English pound marked a fifth-straight day of gains on Wednesday against the U.S. dollar after minutes from the region's central bank's meeting earlier this month demonstrated tendencies toward interest rate increases, a sign the local economy is growing, Bloomberg reports.
The pound climbed against 15 of its top 16 rival currencies after all members of the Monetary Policy Committee of the Bank of England earlier this month decided to leave borrowing costs at 0.5 percent. The National Statistics Office said March retail sales climbed 1.3 percent from March to April, trumping analyst projections for an increase of 0.4 percent.
"While markets have probably become accustomed to strong U.K. data, a bigger potential market mover would be a shift in tone by the BOE," states an early Wednesday note penned by strategists led by global head of foreign-exchange strategy Steven Saywell with BNP Paribas SA in London, according to Bloomberg.
The pound climbed about 0.4 percent against the dollar and 0.3 percent against the common currency.
The Independent reports officials in the U.K. are closely watching the region's rapidly-developing housing market.
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