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London - The pound declined before UK Prime Minister Theresa May was scheduled to make a statement in Downing Street.

The currency erased an earlier gain versus the dollar, falling from the highest level in three weeks.

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The UK currency is still about 16 percent weaker against the greenback since the nation voted to leave the European Union in a June referendum. May is due to speak at 11:15 a.m. in London.

The pound fell 0.3 percent to $1.2528 as of 10:14 a.m. in London. It earlier touched $1.2615, the highest since March 27.