Tuesday saw the English pound lose value against the shared currency of the European Union amid growing concerns about the health of the English economy, Bloomberg reports
The monetary unit dropped against 13 of its top 16 rival currencies after a report indicated consumer-price inflation hovered higher than the target established by the Bank of England. For the first time in four trading sessions, government bonds fell.
"The BOE recently indicated that inflation would remain above the 2 percent target during the two following years and that it would not fight against it," analysts with Amundi including research head Philippe Ithurbide in Paris wrote in the report, according to Bloomberg. "Real interest rates are likely to remain negative and the pound should not go back to its pre-crisis levels."
In March, the annual inflation rate was at 2.8 percent, according to Bloomberg. That figure did not mark a difference from economic data released in February.
The English pound is forecast to continue seeing challenges on foreign exchange markets as worries continue developing regarding the health of the U.K. economy, according to Reuters.
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