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The pound rose toward a 2 1/2-year high against the dollar before data analysts said will show the U.K. economy expanded in the final three months of last year.
Sterling appreciated for a second day versus the euro. Britain’sgross domestic product increased 0.7 percent in the fourth quarter after growing 0.8 percent in the three months through September, according to the median forecast of economists in a Bloomberg News survey. Britain is the first Group-of-Seven nation to publish a full GDP report for the end of 2013.
The pound rose 0.1 percent to $1.6608 at 7:25 a.m. London time after climbing to $1.6668 on Jan. 24, the highest level since May 2011. The U.K. currency strengthened 0.2 percent to 82.31 pence per euro.
Sterling has gained 10 percent in the past year, the best performer among 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The euro rose 5.4 percent and the dollar gained 3.7 percent.
A report on Jan. 22 showed the U.K. jobless rate fell to 7.1 percent in the three months through November, approaching the 7 percent level announced by Bank of England Governor Mark Carney in August as the threshold for reviewing monetary policy.
The Debt Management Office is scheduled to sell index-linked government bonds due in 2068 via banks this week.
U.K. gilts returned 1.5 percent this year through yesterday, according to Bloomberg World Bond Indexes. Treasuries gained 1.3 percent and German securities earned 1.5 percent.
Sterling appreciated for a second day versus the euro. Britain’sgross domestic product increased 0.7 percent in the fourth quarter after growing 0.8 percent in the three months through September, according to the median forecast of economists in a Bloomberg News survey. Britain is the first Group-of-Seven nation to publish a full GDP report for the end of 2013.
The pound rose 0.1 percent to $1.6608 at 7:25 a.m. London time after climbing to $1.6668 on Jan. 24, the highest level since May 2011. The U.K. currency strengthened 0.2 percent to 82.31 pence per euro.
Sterling has gained 10 percent in the past year, the best performer among 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The euro rose 5.4 percent and the dollar gained 3.7 percent.
A report on Jan. 22 showed the U.K. jobless rate fell to 7.1 percent in the three months through November, approaching the 7 percent level announced by Bank of England Governor Mark Carney in August as the threshold for reviewing monetary policy.
The Debt Management Office is scheduled to sell index-linked government bonds due in 2068 via banks this week.
U.K. gilts returned 1.5 percent this year through yesterday, according to Bloomberg World Bond Indexes. Treasuries gained 1.3 percent and German securities earned 1.5 percent.
