British pound strengthens as UK economy improves



The British pound accelerated on Tuesday as UK economy improves and the likelihood of an interest rate hike increases. Consumer confidence in the United Kingdom leaped to its highest level in more than 15 years in June, with monthly sentiment index bounced to +7 from +1 in May. Sterling surged to 70.85 British pence per euro from Monday's 69.89 British pence. Against the US dollar, the pound closed at $1.5726. The UK and the United States are the only two countries that seem to have “central banks that are teeing markets up for slightly less accommodative monetary policy,” said Gavin Friend, Strategist at National Australia Bank Ltd.

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