The English pound fell to its two-month low against the world's reserve currency as a consequence of a report indicating regional inflation dropped in October more than economists forecast, Bloomberg reports.
Hanging in the balance is whether the Bank of England will boost interest rates. The pound marked a third-straight day of losses against the common currency of the European Union as the central bank of England prepares to release its own data about economic forecasts regarding quarterly inflation.
"The market has got a little bit ahead of itself on sterling," head of foreign-exchange strategy John Hardy with Saxo Bank A/S in Copenhagen told the news source. "There's a risk that people have become too hawkish ahead of the Inflation Report."
The pound dropped roughly 0.8 percent against the greenback, falling to its lowest rate against its rival since mid-September. Sterling fell about 0.6 percent against the euro.
Governor Mark Carney with the Bank of England could say as soon as Wednesday that the regional jobless rate will fall to 7 percent toward late 2015, according to Reuters.
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