Pound Drops to 5-Year Low After Output Data, Amid Election Risk
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The pound fell to an almost five-year low against the dollar as U.K. industrial production rose less than economists forecast, damping demand for Britain’s currency.
Sterling posted its biggest weekly decline in a month versus the U.S. currency after the Office for National Statistics said output increased 0.1 percent in February, below the 0.3 percent prediction in a Bloomberg survey of analysts. The Bank of England kept interest rates at a record-low 0.5 percent for a 73rd month on Thursday, while traders braced themselves for May elections that look set to produce no clear winner.