Forex
Pound Plunges Amid Fed Rate Hike and Slowing UK Economy
The British pound has fallen to its lowest level in over three months against the US dollar as the Federal Reserve's rate hike takes center stage.
The GBP/USD pair fell to 1.3272 on Wednesday, its lowest level since July 2, after the Fed raised its target range to 3.75% to 4.00%, giving the dollar a yield edge over sterling.
The U.S. composite PMI jumped to 58.4 in September, with services at 58.7 and manufacturing at 57.0, five-year highs, further pushing up the dollar index to a fresh seven-week high of 100.86.