The monetary unit of England edged down in value against the world's reserve currency on Wednesday after having touched its top value in about six years on Monday, according to Bloomberg.
So too did the pound dip against the shared currency of the European Union during the midweek trading session. The losses are somewhat unusual given the pound has risen against all 16 of its top rivals during the past 12 years. Those gains are linked with confidence about the Bank of England being the first major central bank to close economy-spurring stimulus measures.
"The currency is up on a trade-weighted basis almost 10 percent in the last year," economist Kevin Daly with Goldman Sachs in London told Bloomberg on Wednesday. "That leads us to expect that while growth will remain strong, it will moderate to some extent as the year goes through."
The pound edged down roughly 0.1 percent against both the greenback and the euro on Wednesday.
The Independent reports policy makers with the Bank of England are likely to leave interest rates at 0.5 percent when they convene on Thursday.
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