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Sterling down across the board this morning

Sterling slipped to a near three-week low against the dollar today as investors focused on underlying weakness in the British economy and the governing Conservatives gathered for what could be a fraught party conference.

Data on Friday showed gross domestic product growth slowed to 1.5 percent year on year in the second quarter while the current account deficit increased more than expectations.

Sterling posted its biggest monthly rise in more than two years in September, gaining more than 1.6 percent against the dollar after the Bank of England signalled a rate increase in the coming months.

The Bank has come under pressure in recent weeks as doubts emerged whether the struggling economy could stomach a rate hike.

KEY UK DATA THIS WEEK:

GBP Markit/CIPS UK Construction PMI (SEP) – 2nd Oct
GBP Markit UK PMI Manufacturing SA (SEP) – 3rd Oct
GBP Markit/CIPS UK Services PMI (SEP) – 4th Oct

All three of the above contribute massively to the UK Economy – with Services data making up 80%

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