The British currency extended its first weekly drop against the dollar in a month after it was reported that the central bank may increase its program of asset purchases by USD40billion. The potential purchase is amid signs that the economic recovery is starting to gain momentum.

The UK currency has gained 11% against the dollar and 12% against the euro this year, but in the past two weeks has dropped more than any of the 16 major currencies as the prospect of an early revival of Europe's second largest economy diminish. The Organization for Economic Cooperation and Development has predicted that gross domestic product will shrink 4.3% for the year.

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