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London - The pound rose to a three-week high as data continued to suggest the UK economy is proving resilient to the Brexit vote.
Sterling gained for a third day versus the dollar and euro, its longest winning streak in more than a month, as a report showed consumer credit rose the fastest in almost a decade in July, while business lending also increased.
On Tuesday, export orders posted their best performance in two years, showing the UK currency’s decline since the June 23 vote to leave the European Union is helping manufacturers.
"So far, things in Britain haven’t been as bad as people expected", said Marshall Gittler, head of investment research at FXPRIMUS Europe in Limassol, Cyprus. "With speculative shorts at a record high, it was only natural that some would close out their positions."
The pound rose 0.3% to $1.3243 as of 12:22 p.m. in London, touching its highest since August 4, and strengthened 0.6% to 85.16 pence per euro.
Sterling is still the world’s worst major performer since the referendum, tumbling 11% versus the dollar, and hedge funds and other large speculators boosted net negative bets on the currency to a record in the week ending August 16.
