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The pound weakened against the dollar for a third week as investors bet the Bank of England will leave its key rate lower for longer amid concern that Britain’s economic recovery is stalling.
Sterling fell to the lowest level since May 24 versus the greenback after data showed retail sales slid and jobless- benefit claims surged. U.K. 10-year gilts advanced for a 10th week, the longest run since Bloomberg began collecting the data in 1989, as central bank Governor Mervyn King said officials should continue to hold rates at a record low.
Regards,
Don
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