Economics
Pound Reaches One-Week Low Against Euro After U.K. GDP Report
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The pound fell to a one-week low versus the euro after a government report showed economic growth matched analyst estimates last quarter, damping bets the Bank of England is moving closer to ending its accommodative policy.
Sterling was little changed against the dollar as investors turned their focus to the central bank’s next policy meeting on Aug. 1 and its Inflation Report on Aug. 7. Pacific Investment Management Co. recommended investors should bet Britain’s interest rates will stay lower for longer. U.K. government bonds were little changed after 10-year yields reached the highest level in two weeks.