12.08.201404:30:25UTC+00Pound strengthens as investors prepare for BOE's clues

The British pound strengthened versus the euro as investors were prepared to take cues from the Bank of England’s Inflation Report as to the timing of the interest rate hikes.

Sterling rose 0.3% to 79.74 pence per euro following it slipped more than 1% in the two weeks through August 8. The currency added 0.1% to $1.6786, following it declined in the last five weeks.

Based on Bloomberg Correlation-Weighted Indexes, the currency grew 9.9% in the last 12 month. The pound decreased 0.6% last month following traders receded on higher interest rates.