Currency slammed, hits two-week low against Euro

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July 26, 2016 9:01 PM

The pound also fell 0.5 percent against the dollar to trade at $1.3080

Pounds Sterling

Sterling shed 2 percent against the yen and hit a two-week low against the euro after Bank of England policymaker Martin Weale said he had dropped his opposition to policy easing and now favoured immediate stimulus. .

"When the previously hawkish BoE MPC member Martin Weale turns dovish, market participants better listen," said Hans Redeker, head of currency strategy at Morgan Stanley.

Meanwhile, the Federal Reserve is expected to stand pat on policy at its meeting that ends on Wednesday. Fed fund futures on Monday indicated that the market sees nearly no chance of a rate hike this week. But the chances of a December hike rose to 56 percent, up from 48 percent on Friday.

The dollar index, which tracks the currency against a basket of six major rivals, was down 0.3 percent to 97.003, off a high of 97.569, its loftiest peak since March.

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