(Bloomberg) -- The U.K. pound traded little changed
against the dollar as traders judged its rise to an eight-week
high yesterday was excessive.
The pound broke through the $2 barrier yesterday for the
first time since May 2 as investors bet Bank of England Governor
Mervyn King will this week tell lawmakers interest rates need to
rise further to cap inflation. Futures traders have raised bets
the U.K. currency will rise, pushing so-called net long positions
to a four-month high.
Read more at Bloomberg Currencies News
against the dollar as traders judged its rise to an eight-week
high yesterday was excessive.
The pound broke through the $2 barrier yesterday for the
first time since May 2 as investors bet Bank of England Governor
Mervyn King will this week tell lawmakers interest rates need to
rise further to cap inflation. Futures traders have raised bets
the U.K. currency will rise, pushing so-called net long positions
to a four-month high.
Read more at Bloomberg Currencies News
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