It appears now that the takeover may well drag on longer than expected meaning that Cadbury's shares have lowered and the potential merge (seen as positive for the U.K economy) may be a lot further away than first thought.
"The Kraft/Cadbury bid took a bit of the shine off sterling. It will have an M&A effect (in favour of sterling) at some point in the future, but the currency influence will be much further down the road and this isn't a currency issue right now," said Maurice Pomery, managing director at Strategic Alpha.
Sterling also lost against the SEK following a report from Sweden that the government now expect their economy to have grown by 2% in 2010.
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