Pound Rises on Outlook for Less Stimulus as SNB Boosts Holdings
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The pound strengthened for a second day against the dollar amid speculation the Bank of England will refrain from adding monetary stimulus to the economy when policy makers meet next week.
Sterling gained versus 15 of its 16 major peers after the Swiss National Bank said it boosted the amount of pounds in its foreign-exchange reserves. The U.K. central bank will announce on Nov. 8 whether it will raise its asset-purchase target from 375 billion pounds ($604 billion) after data last week showed gross domestic product grew 1 percent last quarter as the economy emerged from a recession. U.K. 10-year gilts dropped for a second day.