The Great Britain pound dropped for the ninth consecutive day against the US dollar today. The currency was dragged down both by domestic reports and news from abroad.
Released yesterday, the Markit/CIPS UK Services PMI came out at 55.6 in August, far below expectations. Moreover, it was the weakest reading in more than two years. Mario Draghi, President of the European Central Bank, made rather dovish comments yesterday, fueling fear and the risk-negative sentiment among traders. This added to the pressure on the pound.
GBP/USD dropped from 1.5256 to 1.5223 as of 11:33 GMT today, trading near the lowest level since June 5. GBP/JPY sank from 183.17 to 181.38, the level not seen since May 7.
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