Pound Slides for Sixth Day Versus Euro as Manufacturing Falls
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The pound dropped for a sixth straight day against the euro, the longest losing streak since October, as a government report showed U.K. manufacturing production unexpectedly declined in November.
Sterling weakened versus the dollar as the National Institute of Economic and Social Research estimated Britain’s economy contracted 0.3 percent in the fourth quarter. The U.K. currency slumped the most in four months versus the 17-member common currency after European Central Bank President Mario Draghi said yesterday the euro-area economy will slowly return to health in 2013 as the region’s bond markets stabilize. U.K. gilts were little changed.