Pound Advances Versus Dollar as BOE Maintains Bond-Buying Target
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The pound strengthened the most in almost three weeks against the dollar as the Bank of England refrained from boosting its asset-purchase target from 375 billion pounds ($606 billion) at a policy meeting today.
Sterling rallied from a three-week low set yesterday as economists increased their median year-end estimate for the currency to the highest level since November. The pound dropped for a fifth day versus the euro, the longest run of declines since July 2011, after European Central Bank President Mario Draghi said euro-area countries were making progress. Gilts fell, pushing the 10-year yield up the most in almost two weeks.