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Pound Snaps Two-Day Decline Against Euro Before U.K. Growth Data

Aug. 22 (Bloomberg) -- The pound snapped a two-day decline against the euro before a report this week that analysts said may show Britain’s economy contracted less than previously estimated in the second quarter.

Sterling strengthened versus most of its 16 major counterparts. It slid to the lowest level in two weeks against the 17-nation common currency yesterday. Gross domestic product fell 0.5 percent from the first quarter, when it shrank 0.7 percent, according to the median estimate of 30 economists in a Bloomberg News survey. The data will be released on Aug. 24.

The pound was 0.1 percent stronger at 78.95 pence per euro at 7:59 a.m. London time. It fell to 79.08 pence yesterday, the weakest level since Aug. 8. Sterling was little changed at $1.5785.

Britain’s currency has lost 0.8 percent in the past month, according to Bloomberg Correlation-Weighted Indexes, which track 10 developed-nation currencies. The dollar fell 2 percent and the euro gained 0.8 percent over the period.

To contact the reporters on this story: Lukanyo Mnyanda in Edinburgh at lmnyanda@bloomberg.net; Eleanor Lawrie in London at elawrie@bloomberg.net

To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net

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