(Bloomberg) The pound has fallen 3 percent from this year’s high versus the greenback as markets have pushed back estimates for when the central bank will act until beyond December 2016. Goldman Sachs Asset Management predicts policy makers will move in the first quarter and the market is “now properly underestimating that risk,” said Philip Moffitt, Asia-Pacific head of fixed income at the firm in Sydney.
U.K. data this month have shown the jobless rate unexpectedly dropped to the lowest level since 2008 and wage growth, excluding bonuses, was near the highest in six years.
