Sterling under pressure over interest rates

The pound depreciated the most in more than four years against the dollar in the past week, amid speculation the Bank of England was moving toward higher interest rates more slowly than the Federal Reserve.

Sterling dropped for the first time in six weeks as the UK central bank kept borrowing costs at a record low, marking six years with a 0.5% rate.

The biggest losses came on Friday, as a US jobs report exceeded economists’ forecasts and strengthened bets the Fed will tighten monetary policy.