The monetary unit of England dove on Thursday against the world's reserve currency after four trading sessions of losses against its rival, Bloomberg reports.
October retail sales dropped, indicating the regional recovery from the Great Recession is subject to snags. Member Paul Fisher with the Bank of England Monetary Policy Committee said the body he serves is not likely to boost interest rates in the near term though he did not rule out the prospect as inflation drops.
"We are still, as a nation, running a large deficit in terms of our external trade," the policy maker told BBC Radio 5 Live on Thursday, according to Bloomberg. "That's not consistent with a stronger exchange rate. A stronger exchange rate in the long run makes us all better off. In the short run, a stronger exchange rate discourages exports."
The English pound fell about 0.3 percent against the U.S. dollar on Thursday, one day after achieving gains of 0.6 percent against its rival monetary unit.
Reuters reports the Bank of England reiterated on Wednesday that it will more seriously consider slashing interest rates once unemployment falls to 7 percent.
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