GBP Sells Off as US Economy Surges Past UK's

The British Pound sold off sharply against the US dollar on Wednesday after data showed UK business growth slowing, while US business accelerated to its fastest pace since July 2021.

According to the flash Purchasing Managers Index (PMI) surveys, US services came in at 58.7 against a 56 forecast, beating the UK's 51.7 against 52.

This marked a significant miss for the British economy, with the American beat nine times larger than the British miss.

The Pound Sterling was trading just under $1.3250, its lowest since early July, as investors shifted their attention to the stronger US economy and higher interest rates.