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According to Reuters, the single currency slipped to 84.21 pence versus the pound, although the former remained above its one-month low of around 83.56 pence, achieved last week.
This came after Bank of England (BoE) policymaker Martin Weale - who is in favour of a rate increase - pointed out if there was a small rise now then it might reduce the need for a bigger hike later in the year.
What's more, this added to the intense recent speculation that the BoE is set to increase the interest rate, from its current record low of 0.5 per cent, in the near future.
A turning point could come on Wednesday when the BoE releases its February meeting minutes, as many experts believe there could have been a third policymaker in favour of a rate rise.
Posted by Greg Secker
