The currency of England marked its first losses since earlier this week against the world's reserve currency in advance of the central bank officials convening a policy meeting, according to Bloomberg.
One key issue the Bank of England is likely to consider is the reduced pace of London homes, which last month fell to its most laggardly pace since early last year. The pound lost value against 14 of its 16 top rival currencies.
"We saw more evidence today that activity in the U.K. housing market appears to be easing off and also the trade report showed recent deterioration in the trade deficit has continued," currency strategist Lee Hardman with Bank of Tokyo-Mitsubishi UFJ Ltd. in London told the news outlet on Thursday. "Both of those factors are weighing modestly on the pound. The Bank of England meeting is going to be an unchanged policy decision."
The pound dipped about 0.2 percent against the U.S. dollar and the shared currency of the European Union.
The Guardian reports Nemat Shafik, new Bank of England deputy governor, has indicated the body is likely to boost borrowing costs.
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