Pound Posts Its Steepest Weekly Drop in Month on Recovery Concern

The pound had its steepest weekly decline in a month in a gauge of 10 developed-nation currencies on concern the U.K.’s economic recovery is stalling and that the Bank of England will wait to raise interest rates.

Britain’s currency slipped to a five-session low against the dollar and reached its weakest since November versus the euro as investors bet the European Central Bank will raise interest rates before the U.K. central bank. Data yesterday showed British retail sales fell more than economists estimated.