The British currency reached its highest value against the American dollar in four months after data on Thursday showed that gross domestic product (GDP) in the United Kingdom accelerated at a faster-than-expected pace in May.
Catherine Mann, a member of the Bank of England's Monetary Policy Committee, previously emphasized her reluctance to support interest rate cuts, warning of a potential resurgence in headline inflation. She also noted that wage growth is "far away" from being consistent with the inflation target. Bank of England (BoE) Chief Economist Huw Pill stressed that more data will be needed before making any changes to the bank's monetary policy.
The pound sterling climbed 0.21% against the greenback, selling at 1.28752 at 11:39 am CET.
