(MENAFN– ecpulse) Sterling remained higher, extending gains against a weaker dollar for a third straight day on Wednesday ahead of the release of Bank of England (BOE) minutes of the April meeting later in the session.
The BoE s set to release minutes of the rate policy meeting held April, when the central bank’s Monetary Policy Committee, headed by Governor Mark Carney maintained its record low 0.50 percent interest rate and £375 billion quantitative easing at the meeting.
Recent strong UK data, lower inflation rates, and an improvement in UK labor market have led markets to price in a rise in interest rates much earlier than flagged by the central bank, possibly as soon as late 2014, further supporting the pound.
Further evidence that the recovery is gaining traction is awaited later today, with official figures expected to confirm that the recovery gathered speed over the first quarter as the economy grew at its fastest pace in developed countries.
The public finances, out from the Office for National Statistics today may show today UK’s net borrowing excluding temporary support for banks was probably rose sharply to 8.5 billion-pound last month compared with 7.5 billion pounds decline a month earlier.
Sterling has kept its gains, regaining demand and climbing back into the $1.68272 levels since the release of strong jobs data. The GBPUSD is currently trading around $1.68275 after opening at $1.68201.
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