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The pound strengthened the most in two weeks against the euro after the Bank of England upgraded its estimate of the U.K. economy and Governor Mervyn King said a recovery was now “in sight.”
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The euro fell to a six-week low against the dollar after reports showed the region’s economy shrank more last quarter than analysts forecast and German growth cooled.
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The euro’s 25 percent jump against the yen over the past six months underscores the rising pressure on European Central Bank President Mario Draghi to cut interest rates as the region’s exporters lose out to Japan.
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The pound rose to a two-month high against the euro as a funding crisis in Cyprus and political deadlock in Italy spurred demand for U.K. assets as a haven.
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Derivatives traders see at least a year of pain for the euro even after the currency surged the most in eight months following the approval by European Union leaders of measures making it easier for Spain and Italy to obtain aid.
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The pound weakened against the dollar on concern this year’s gains were overdone after the Bank of England left interest rates at a record low yesterday, dimming speculation that rates may rise later in the year.
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The pound strengthened from a four- month low against the euro after an industry report showed U.K. mortgage approvals rose last month to the highest since April.
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The pound slumped to a 15-month low against the euro after Bank of England minutes showed more officials voted to expand asset purchases at this month’s meeting, a policy that that typically debases a currency.
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The pound rose to its strongest level against the dollar in more than two weeks after U.K. retail sales in July increased more than analysts forecast and June data were revised upward.
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The pound strengthened against the dollar, snapping a two-day decline, before a report that economists said will show U.K. retail sales rose last month.
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