Monday, May 5, 2014

The Cable Advanced as Signs of Economic Recovery

The pound advanced to the strongest level in more than four years against the dollar this week as signs the U.K. economic recovery is gathering momentum boosted the allure of British assets.

Sterling climbed for a fourth week versus the greenback as data showed growth accelerated in the first quarter and house prices rose at the fastest pace since 2007. 

The Cable advanced against the euro as a purchasing managers index for manufacturing rose more than analysts forecast.Sterling has climbed 5.5 percent in the past six months, as the strengthening recovery fuels speculation the Bank of England will raise borrowing costs sooner than other central banks. 

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