The pound jumped by the most in almost seven weeks versus the dollar, rallying from its lowest level in more than a year, as U.K. manufacturing expanded faster in November than economists predicted.
Sterling rose for the first time in three days against its U.S. counterpart and climbed versus 12 of its 16 major peers as the data added to evidence that the U.K. has one of the strongest economies in the developed world. While the Bank of England said mortgage approvals fell to the lowest in more than a year in October, the number exceeded the median of estimates in a Bloomberg News survey.
“The pound still seems to be something which in fundamental terms could be a buy,” said Stuart Bennett, head of Group of 10 currency strategy at Banco Santander SA in London. “You’ve still got an economy that is doing OK.”