Tuesday saw the English pound endure its top losses in five weeks against the common currency of the European Union after economic data indicated regional manufacturing was not as productive as forecast, according to Bloomberg.
The monetary unit dropped against most of its 16 counterpart currencies as officials with the Bank of England begin two days of meetings to ponder if the financial institution should continue economy-spurring monetary easing policies, Against the U.S. dollar, gilts were slightly changed after the Debt Management Office auctioned 3.25 billion pounds-worth of 10-year bonds.
"BOE policy has not been the main driver of pound direction, which is being influenced more by developments in the euro area," foreign-exchange strategist Lee Hardman with the Bank of Tokyo – Mitsubishi in London told Bloomberg.
Against the U.S. dollar on both Monday and Friday of last week, the pound's losses rose to 0.9 percent.
But the English pound managed to gain in value on Tuesday against the Japanese yen, according to RTT News, noting the gains primarily came prior to the release of the economic data.
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