Pound Set for Third Weekly Gain as U.K.’s Budget Deficit Narrows
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The pound was set for a third weekly advance versus the dollar after a government report showed the U.K.’s budget deficit narrowed in August.
Sterling was 0.8 percent from the strongest level in eight months against the U.S. currency after the Federal Reserve this week unexpectedly refrained from slowing the pace of bond-buying under its quantitative-easing program that tends to debase the currency. The currency headed for its first weekly loss in a month against the euro before a report economists said will show consumer confidence improved in the 17-nation currency bloc. U.K. gilts were little changed.