Pound Bulls Suffer Setback as Prospect of U.K. Rate Boost Fades
- Sterling's role as Europe's haven being taken over by euro
- Traders push back bets on BOE rate increase to September 2016
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Speculators anticipating a stronger pound should prepare for a long wait.
Sterling suffered the sharpest turnaround of any developed-world currency over the past month, tumbling against its Group-of-10 peers and posting its longest stretch of declines versus the dollar in almost a year. Options prices signal further losses versus the greenback and increasing pessimism against the euro.