Forex
GBP Tumbles Amid Strong US Growth, Crude Price Surge
The Pound Sterling (GBP) took a hit on Wednesday, plummeting over 0.70% against the US Dollar as strong US economic data sent shockwaves through markets.
A surge in business activity and higher crude prices pushed the Greenback to its strongest level since July 1, with the GBP/USD pair trading at 1.3253.
The mixed UK PMIs failed to lift the Pound, while concerns over a US diesel export ban added fuel to the fire.
The Fed's tightening hopes and optimism about a peace deal with Iran continued to bolster the USD, further pressuring the GBP/USD pair.