(Bloomberg) -- The pound fell against the dollar on speculation the currency's recent rally already reflects prospects that the Bank of England will raise interest rates twice more this year to ward off inflation.
The pound last week soared to a 25-year high, breaching the $2 level, as traders increased bets the central bank will lift its main rate twice more this year after inflation breached its target by more than a percentage point. Further strengthening may not be justified by the outlook for economic growth, said Nick Parsons, head of Markets Strategy at NabCapital.
Read more at Bloomberg Currencies News
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