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Pound Approaches 10-Month High as CBI Business Optimism Soars

  • U.K. factory production rose to two-decade high last quarter
  • GDP due Wednesday to offer latest clues for economic outlook
Updated on

The pound rose for a third day versus the dollar after a Confederation of British Industry survey showed U.K. factory production reached a two-decade high in the last quarter as optimism about export orders climbed to the highest level since the 1970s.

Sterling strengthened against most of its 16 major peers, approaching the highest level since September versus the U.S. currency. The Office for National Statistics is due to release second-quarter growth data on Wednesday, which will be the latest insight into the U.K.’s economic outlook, while investors await the Bank of England’s monetary policy decision on Aug. 3.