The British pound decreased 0.3 percent to $1.5950 by 1:00 pm in London today as the likelihood of an interest rate increase appeared less certain.
Ã¢â‚¬Å“Expectations that there will be an interest-rate hike by the middle of the year have overshot,Ã¢â‚¬Â Adam Cole, head of global currency strategy at Royal Bank of Canada, said by phone from London. Ã¢â‚¬Å“ItÃ¢â‚¬â„¢s going to be hard to build a majority in favor of a rate hike when there are still members of the monetary policy committee that think thereÃ¢â‚¬â„¢s a risk of a double dip. Posen seems to be the main proponent of that theory.Ã¢â‚¬Â
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