Pound Posts Biggest Weekly Advance in a Month as Deficit Narrows
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The pound posted its biggest weekly gain versus the dollar in a month after a government report showed the U.K.’s trade deficit narrowed in June, adding to evidence the economic recovery is gathering momentum.
Sterling had its steepest weekly advance against the euro since April as data this week showed services output expanded the most in six years in July and industrial production rebounded in June. Britain’s currency strengthened against the dollar yesterday after Bank of England Governor Mark Carney reiterated policy makers’ commitment to bringing down inflation. Gilts trimmed a weekly decline.