The pound continued to lose ground against the U.S. dollar Tuesday, trading briefly below $1.21 against the greenback in afternoon trade in London. The pound hit $1.2097, according to FactSet data, after reaching an intraday high of $1.2244. Sterling reached intraday lows before Bank of England Gov. Mark Carney was set to speak before the economic affairs committee at the House of Lords in London at 10:30 a.m. Eastern Time. Carney "is due to comment on the economic consequences of the Brexit which given his warnings prior to the vote, the relative stability in the economy so far and the pressure he has come under to resign because of his apparently politicized views, should make for interesting hearing," said Craig Erlam, senior market analyst at Oanda, in a note Tuesday.
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