Pound Sterling Slumps as Dollar Rises Amid Interest Rate Hike Expectations

The British pound sterling experienced its third consecutive day of decline as the dollar rose. This trend is attributed to increasing investor expectations that the US Federal Reserve will implement a series of interest rate hikes in the coming months.

Oil prices, which had previously traded above $100 per barrel, have now fallen below this level. Despite this, investors remain optimistic about potential improvements in oil supplies from the Middle East and a possible diplomatic breakthrough between the US and Iran, according to the Omani News Agency.

A survey conducted by Standard & Poor's Global showed a slowdown in British companies' activity growth during September, with inflationary pressures escalating. The Purchasing Managers' Index for the services sector in Britain fell to 51.7 points, down from 52.5 points in August and marking its lowest level in three months.