Pound Slides Most in 6 Weeks Versus Dollar as Unemployment Rises
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The pound fell the most in six weeks against the dollar after government data showed the U.K. unemployment rate climbed and wage increases slowed, adding to signs the economy is weakening.
Sterling dropped versus most of its 16 major counterparts as minutes of the Bank of England’s April meeting released today showed Governor Mervyn King pushed for additional stimulus for a third month before being outvoted. U.K. government bonds rose as investors sought safer assets. The International Monetary Fund cut its economic forecast for the U.K. yesterday and said the central bank should boost stimulus.