The U.K. pound extended gains in early Friday trading to reach its highest level against the U.S. dollar since the country voted to leave the European Union in June of last year.
The pound was marked 1.35% higher against the greenback at 1.3577 by 11:00 London time following comments from Bank of England rate-setter doubled-down on the hawkish message delivered at the Bank's policy meeting on Thursday by saying that "the moment when the Bank rate may need to rise" is approaching.
"Until recently, I thought the appropriate response of monetary policy was to be patient, given modest growth and subdued underlying inflationary pressure," said BoE board member Gertjan Vlieghe. "But the evolution of the data is increasingly suggesting that we are approaching the moment when Bank Rate may need to rise."
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