Pound Bulls Beat Retreat With Economic Gains Tapped
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The shine is starting to come off the U.K. pound, which has relinquished its reign as the most popular bullish bet among Group of 10 currencies.
Hedge funds and other large speculators cut their net wagers on a sterling advance by 28,915 contracts in the past three weeks, the biggest reduction in a year, data from the Commodity Futures Trading Commission in Washington show. The currency slipped to $1.6898 as of 12:38 p.m. in New York, from an almost six-year high of $1.7192 on July 15, amid speculation much of the good news on Britain’s economy is already reflected in the exchange rate.