Pound Declines on Speculation Economy Starting to Slow on Rate Increases

(Bloomberg) -- The pound fell on speculation the U.K.
economy is starting to cool as four interest-rate increases since
August bite.

The U.K. currency slid yesterday after a report showed the
number of loans granted for house purchases barely rose in April,
adding to signs higher interest rates are damping demand for
mortgages. The pound posted its first weekly gain in five versus
the dollar last week after minutes of the central bank's May
meeting showed policy makers voted unanimously to raise the
benchmark rate and suggested there were more increases to come.


Read more at Bloomberg Currencies News