The pound advanced against the euro for the first time in four days before the Bank of England publishes the minutes of its July Monetary Policy Committee meeting tomorrow and Governor Mark Carney speaks in Glasgow.
Sterling approached the strongest level in 22 months versus the shared currency after data showed the U.K.’s budget deficit was little changed in June even as an economic recovery boosted tax receipts. The pound is the best-performing currency in the past year among 10 peers amid speculation the Bank of England will increase interest rates before its U.S., euro-region and Japanese counterparts. U.K. government bonds fell as the nation sold 3.25 billion pounds ($5.5 billion) of 10-year securities.
“The market seems to be hanging on every hawkish word from Mark Carney,” said Lee McDarby, executive director of U.K. corporate foreign-exchange sales at Nomura International in London. “We are more likely to see a rate hike from the Bank of England in 2014 than we are from the European Central Bank or the Federal Reserve.”
Bloomberg
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