The English pound lost value on Monday against the world's reserve currency amid confidence a rally that benefited the monetary unit will wilt, according to Bloomberg.
Prospects that the U.S. Federal Reserve will boost borrowing costs also dragged down the currency of the U.K. Economists polled by the news service said the Bank of England will leave interest rates unchanged at the all-time low of 0.5 percent when policy makers convene on Thursday.
"Against the dollar we're probably about as far as we're going to go because the risk here is the Fed's going to have to start raising rates as well," global head of asset-allocation research Jim McCormick with Barclays Plc in London told Bloomberg as the trade week began.
The pound edged down about 0.1 percent against the U.S. dollar on Monday after having pushed to its top level in nearly six years on Friday, when U.S. markets were closed in observance of Independence Day.
City AM reports that Governor Mark Carney with the Bank of England, during his past year-plus as chief of the body, has not implemented an interest rate hike.
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