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Pound falls to 12-week lows versus dollar on mixed UK data
GBP/USD trades near 1.3272, after UK S&P Global manufacturing PMI rose while services PMI and the composite index slipped.
The British pound accelerated lower against the US dollar on Wednesday, with GBP/USD trading a few pips above 1.3272, its lowest level since July 2. FXStreet attributed the move to firm US dollar momentum alongside weaker support from recent UK business activity data.
FXStreet said preliminary S&P Global PMI readings for September showed UK manufacturing improving to 52.0 from 51.7 in August, narrowly beating expectations for 51.6. Services activity, however, slowed to 51.7 from 52.5, taking the composite index down to 51.7 from 52.5.
According to FXStreet, the dollar held a firmer tone across the board as investors weighed expectations of additional Federal Reserve tightening and optimism around fresh efforts to reach a peace deal involving Iran. The outlet noted attention is centered on the United Nations General Assembly this week, where US and Iranian officials are negotiating on the sidelines, including remarks from US Special Envoy Steve Wickoff and President Donald Trump about productive discussions and momentum toward an agreement.
Latest closeGBP/USD 1.328 ▼0.7%