Pound Rises Versus Euro for Second Week on Waning Stimulus Bets

The pound strengthened against the euro for a second week, touching a one-month high, as signs of improvement in the U.K. economy damped expectations for more monetary stimulus.

Sterling fell for the fifth week in six against the dollar after a report yesterday showed the U.S. economy added more jobs than expected last month. The Bank of England’s Monetary Policy Committee meets on Nov. 7-8 to decide whether to extend its asset-purchase program, known as quantitative easing, beyond 375 billion pounds ($601 billion). Gilts were little changed after a report yesterday showed the construction industry unexpectedly expanded last month.