Pound Strengthens Against Euro After U.K. Construction Expands
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The pound strengthened for the first time in five days against the euro after an industry report showed U.K. construction expanded in June, adding to signs Britain’s economy is gaining momentum.
Sterling rose from the lowest level in more than a month versus the shared currency after data yesterday showed manufacturing grew last month. Mark Carney began as governor of the Bank of England yesterday and will lead his first policy meeting this week. Carney must focus on boosting lending to help maintain the recovery, the British Chambers of Commerce said. U.K. gilts rose after the Debt Management Office sold 3.5 billion pounds ($5.31 billion) of 10-year securities.