Pound Erases Decline Versus Dollar; Earlier Fell as Much as 1%

The pound erased a decline against the dollar, after earlier tumbling as much as 1 percent.

The U.K. currency was little changed at $1.4241 as of 2:56 p.m. London time, after touching $1.4116, the lowest since April.

The currency has fluctuated wildly in recent weeks as traders prepare for the U.K.’s referendum on its European Union membership on June 23.