After the UK's Q2 growth was revised upward, the British pound rose to a one-month high against the euro; Burnham's statement on rejoining the EU also boosted the pound.

(1) Data shows that after revised estimates indicated faster UK economic growth in the second quarter, the pound rose to a one-month high against the euro. The Office for National Statistics upgraded economic growth from the previous estimate of 0.4% to 0.5%. (2) According to a report by Lee Hardman of MUFG Bank, if the rise in energy prices proves to be more persistent, stronger growth will prompt the Bank of England to tighten policy soon. (3) Meanwhile, UK Prime Minister Andy Burnham has indicated that at the UK-EU summit to be held later this year, he will discuss the option of rejoining the EU as one way to improve relations. Hardman stated that this would be positive for the pound. (4) The euro fell to as low as 0.8548 pounds, and the pound rose 0.3% to an intraday high of $1.3278.