Pound Advances Versus Euro as Retail Sales Rise for 2nd Month
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The pound strengthened versus the euro after a report showing U.K. retail sales increased for a second month in June added to evidence the economic recovery is gaining traction.
Sterling erased a decline against the dollar. The British currency rallied versus all but two of its 16 major peers yesterday after minutes of the Bank of England’s latest meeting showed policy makers, led by new Governor Mark Carney, voted unanimously against expanding a stimulus program that tends to debase the currency. Two-year gilts rose for a third day, pushing the yield to the lowest level since May.