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Pound takes a tumble in early European trade

The British pound is bumping around its lowest level since mid-April in early European trading on Wednesday.

Sterling struggled to make much headway in Asia and remain under pressure after Mark Carney, governor of the Bank of England, on Tuesday cautioned that “now is not yet the time” to raise interest rates.

Mr Carney’s comments came in the wake of three members of the BoE’s rate-setting committee voting last week to lift interest rates to curtail rising inflation.

Having been roughly flat during the Asian session, the pound was down 0.2 per cent at $1.2609 in early European trade on Wednesday, having dropped 0.9 per cent on Tuesday following Mr Carney’s warning.