Pound Declines Fourth Week Versus Euro as German Sentiment Rises
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The pound declined for a fourth week against the euro as an improvement in German business confidence and speculation the Bank of England will boost stimulus sapped demand for the U.K. currency.
Sterling headed for its biggest weekly drop versus the euro in three months as data this week showed British retail sales unexpectedly fell in April and inflation slowed more than economists forecast. U.K. policy makers must continue to provide support to the economy to rebuild confidence, Bank of England Markets Director Paul Fisher said in a speech today. U.K. government bonds rose.