Pound on track for best week since December

An improved economic outlook has driven up demand for the pound

Pound sterling hovered near a one-month high against the dollar on Friday and was set to register its strongest week since December 2020.

The reopening of the UK economy has fuelled consumer spending, while a drop in Covid cases over the last week has improved investor sentiment.

Read more: Euro 2020 pushes retail sales above pre-Covid levels

The Improving economic outlook has driven up demand for the pound, helping it to add around three per cent in the last two weeks to trade just below $1.40.

The Bank of England is scheduled to release the outcome of its latest round of discussions on Thursday.

The Old Lady is expected to keep the scale of its bond buying programme and rates unchanged.

Read more: Covid recovery: IMF predicts UK economy to grow fastest of all G7 nations