The English pound slipped in value on Wednesday against the shared currency of the European Union amid confidence that the Bank of England will delay when it drives up borrowing costs, according to Bloomberg.
Governor Mark Carney with the Bank of England, who has long said he prefers to see economic advancement prior to hiking interest rates, said the economy has additional room for improvement. The pound dropped from notching its top value in about 16 months on Wednesday.
"The pound has had a setback," senior currency strategist Jane Foley with Rabobank International in London told the news outlet on Wednesday. "There is good reason for Carney not to be in a particular rush to raise interest rates. His tone has served to curb some of the over-optimism that has been brewing recently."
The pound slipped about 0.3 percent against the 18-nation monetary unit after touching its top value since early January of last year.
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