Pound Set to Rise Further as UK Economy Recovers
0731 GMT – The pound is set to gain further as the U.K. economic recovery continues, MUFG says. “We still expect a stronger pound in anticipation the U.K. economy will continue to recover and prompt the Bank of England to follow through with their plans to gradually tighten policy,” currency analyst Lee Hardman says. Official preliminary data on Thursday showed the U.K. economy expanded in line with consensus expectations by 4.8% in 2Q providing “confirmation that the pace of economic recovery strengthened significantly in the second quarter as the government eased Covid-related restrictions,” he says. GBP/USD is last mostly flat at 1.3802. (lorena.ruibal@wsj.com)
Companies News:
Babcock International Sells Frazer-Nash Consultancy for GBP293 Mln
Babcock International Group PLC said Friday that it has agreed to sell its subsidiary Frazer-Nash Consultancy Ltd. to KBR Inc. for a cash consideration of 293 million pounds ($404.5 million).
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