Sterling retreats from 5-month high

London

STERLING retreated from a five-month high on Wednesday after the governor of the Bank of England said that recent currency strength would affect monetary policy and the central bank lowered its growth forecasts for Britain in a quarterly report.

The BOE expects growth this year to come in at 2.4 per cent, it said in its quarterly Inflation Report, down from a 2.9 per cent projection in February and closer to what most other economic forecasters expect.