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16:29 May 24, 2005
English to English translations [PRO] Bus/Financial - Finance (general) / Exchange rates
English term or phrase:cf. infra
"Sterling has recently sold off against the euro as the market pared back its expectations of future UK interest rates"
I'm a little bit lost with this sentence. Could someone explain/reword it to/for me please?
The verb "pare back" does not appear in any of my dictionaries....
Did the market expect higher uk interest rates or lower uk interest rate?