The pound rose the most in seven weeks after a report showed the U.K.’s economic expansion accelerated in the fourth quarter.
Sterling’s
gain versus the dollar reversed a decline Wednesday which was the
biggest in almost two weeks. Britain’s economy grew 0.5 percent in the
final three months of 2015, compared with 0.4 percent in the third
quarter, and matching the median forecast of analysts surveyed by
Bloomberg.
The
pound still headed for its third monthly decline versus the U.S.
currency, having slumped to an almost seven-year low last week, weighed
down by whipsawing financial markets and concern that the U.K. will vote
to exit the European Union.
The
pound rose 1.1 percent to $1.4390 at 4:13 p.m. London time, the biggest
gain since Dec. 9, paring its monthly decline to 2.3 percent. The U.K.
currency fell to $1.4080 on Jan. 21, the lowest since March 2009.
Sterling gained 0.7 percent to 76.03 pence per euro, having weakened 1
percent a day earlier.
Source: Bloomberg
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