The pound strengthened versus the dollar, snapping a two-day decline, before a report this week analysts said will confirm the U.K. economy grew in the three months through June.
The pound climbed to an eight-month high against the U.S. currency last week as the Federal Reserve maintained stimulus measures that tend to debase the dollar. The Office for National Statistics on Thursday will confirm the British economy expanded 0.7 percent in the second quarter, according to the median estimate of analysts in a Bloomberg News survey. The U.K. is scheduled to sell inflation-linked bonds due in 2068 via banks this week.
The pound rose 0.2 percent to $1.6031 at 7:47 a.m. London time after climbing to $1.6163 on Sept. 18, the highest level since Jan. 11. The U.K. currency was little changed at 84.45 pence per euro after reaching 83.53 pence on Sept. 18, the strongest level since Jan. 17.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015