The English pound advanced on Monday against the common currency of the European Union amid the release of strong manufacturing data, according to Bloomberg.
The pound benefited from U.K. manufacturing developing for a 15th consecutive month in May, which prompted demand for the pound to rise. The currency pushed up against 13 of 16 of its top rivals in advance of both the Bank of England and the European Central Bank convening policy meetings later this week.
"The pound has further to gain," head of market analysis Eimear Daly with Monex Europe Ltd. in London told the news source on Monday. "The market is crowded with long sterling positions and any weakness in data will encourage some profit taking, but that doesn't change our view that the U.K. has a robust economic recovery and that the Bank of England will probably be the first major central bank to raise rates."
The pound rose about 0.2 percent against the euro yet it was moderately changed against the greenback.
Reuters reports the pound is coming off its biggest weekly loss in about eight weeks against the U.S. dollar.
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