Sterling slips against the euro

Sterling ended its longest run of gains in seven months versus the euro and struggled to maintain a rally against the dollar as evidence mounted that the UK economy is losing momentum.

The UK currency retreated against 12 of its 16 major counterparts after a February index of UK services, which account for about three quarters of the UK’s output, dropped to an almost three-year low.

“The pound is stalling because the fundamental picture is not solid yet,” said Thu Lan Nguyen, a currency strategist at Commerzbank in Frankfurt.