Reuters: London On Monday, the pound gave up some of its early gains versus the dollar and the euro as traders continued to consider the effects of the Bank of England’s disproportionate rate hike from the previous week.
The pound last traded at $1.2712, unchanged versus the dollar after rising as much as 0.25% earlier. After a weekly decrease of 0.83%, the largest since mid-May, that was a modest recovery.
Additionally, the pound’s early gains versus the euro on negative German business mood data failed to hold. The euro was recently trading up 0.28% at 85.90 pence.