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GBP/USD Pair Plummets Amid US Dollar Surge and Interest Rate Hikes

Guavy AI Editorial Team
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USD GBP
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The GBP/USD pair plummeted to its lowest level since July 1 due to the US dollar's resurgence. The pair fell to 1.3250, down 3.12% from its highest point in August this year.

According to recent PMI data, the UK economy is still growing despite some decline in manufacturing and services sectors. In contrast, the US economy showed improvement with rising manufacturing and services figures.

The Federal Reserve's decision to hike interest rates by 0.25% last week has added fuel to the bearish sentiment on the GBP/USD pair.

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