The English pound notched a sixth consecutive day of gains on Wednesday against the common currency of the European Union after economic data noted the regional jobless rate fell more than forecast, according to Bloomberg.
Marking its longest bullish trend since September of last year, the pound also gained amid confidence the Bank of England will move forward with efforts to push up borrowing costs. Indications about that denouement might come clearer following the speech of member Ben Broadbent with the Monetary Policy Committee addressing the English Parliament on Wednesday.
"The underlying message from U.K. Plc, aside from a few caveats, is that data remains robust across the board," head of currency strategy Jeremy Stretch with Canadian Imperial Bank of Commerce in London told the news source during the midweek trading session. "It remains a pretty positive environment for sterling. Euro-sterling has been biased towards the 80 pence threshold for some time and the data continues to point us in that direction."
The pound increased about 0.3 percent against the euro after touching its top level since the end of 2012 earlier during the trade session.
Reuters reports policy maker Ian McCafferty said earlier this week that the economy has more room to expand.
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