The monetary unit of England endured losses on Friday against the world's reserve currency after economic data indicated construction in Great Britain dropped, according to Bloomberg.
Friday's losses mark the pound's first slump in the past seven days against the U.S. dollar as the currency lost value against all but three of its top 16 rivals. Based in England, drugmaker AstraZeneca declined the hostile bid proffered by Pfizer, Inc.
"The underperformance in cable seems consistent with the broader dollar gains ahead of non-farm payrolls," head of European Group-of-10 currency strategy Valentin Marinov with Citigroup Inc. in London told the publication on Friday. "We had the news on Pfizer and AstraZeneca. In addition we had the somewhat disappointing construction PMI for April. This is encouraging investors to take profit on long pound positions."
The pound endured losses of about 0.2 percent against the greenback as the trade week came to a close after having touched its top value since Summer 2009 against the greenback on Thursday.
The Wall Street Journal reports concerns are spreading among policymakers with the Bank of England regarding the regional housing market and financial system.
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