The English pound marked a seventh consecutive day of gains against the shared currency of the European Union on Thursday amid indications the regional continues gaining traction, according to Bloomberg.
The monetary unit’s bullish trend marks its lengthiest advance since September of last year and propels it to its strongest value since the end of 2012. The pound climbed against 15 of its 16 major rival currencies.
“I feel that against the euro we will see 1.25 euros sooner rather than later in light of renewed focus on U.K. interest-rate hikes,” executive director of U.K. corporate foreign-exchange sales Lee McDarby with Nomura International in London told the news outlet on Thursday. “It will take an even bigger improvement in the outlook of the U.K. to allow the pound to break much outside the $1.66 to $1.70 range.”
The English pound advanced roughly 0.3 percent against the euro on Thursday. Its gains against its rival during the six-day rise amount to about 0.9 percent.
The Huffington Post reports Ben Broadbent, a member of the Monetary Policy Committee of the Bank of England, said the rapid growth of Britain’s housing market is of concern to regional stability.
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