Pound Climbs a Second Day Versus Dollar Before Retail-Sales Data

The pound climbed for a second day against the dollar before a report which, according to economists, will show U.K. retail sales climbed last month.

Sterling advanced versus 12 of its 16 major peers. Retail sales including auto fuel rose 0.4 percent in June, according to the median estimate in a Bloomberg survey before the Office for National Statistics report due 9:30 a.m. London time. The pound gained on Wednesday as minutes of the Bank of England’s July meeting showed a growing number of policy makers have become concerned inflationary pressures are rising.

The pound appreciated 0.3 percent to $1.5661 as of 8:55 a.m. in London, extending a 0.4 percent advance on Wednesday. It weakened 0.2 percent to 70.14 pence per euro after reaching 69.36 last week, the strongest level since 2007.

U.K. government bonds rose, with the yield on 10-year gilts falling one basis point, or 0.01 percentage point, to 2.02 percent. The 5 percent security due in March 2025 added 0.10, or 1 pound per 1,000-pound face amount, to 125.94.

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