Pound drops after 16-month high

The British pound has weakened against the euro after reaching its highest level in about 16 months, driven by expectations of interest rate hikes by the Bank of England and easing financial concerns in the UK. However, the pound rose against the dollar amid falling oil prices and expectations of limited geopolitical tensions ahead of the US Congress elections. The October budget is expected to pose risks to the pound's performance, while the British Prime Minister is seeking to improve trade relations with the European Union. The currency market continues to reflect investor caution regarding financial and economic risks.

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