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U.K. Pound Declines Versus Euro on Bets BOE will Increase Rates After ECB
The pound depreciated against the euro, snapping four days of gains, amid speculation the Bank of England will raise interest rates at a slower pace than its European counterpart. Britain’s currency erased gains versus the dollar before the central bank releases minutes of policy makers’ April 7 meeting tomorrow. Short-sterling futures due in December have declined just twice since April 6 as investors trimmed bets on higher borrowing costs. The yield on the short sterling contract expiring in December has dropped 31 basis points in the period.