Pound Sterling Slumps for Third Day Amid Dollar Surge and Interest Rate Expectations

The British pound continues its decline for the third consecutive day, influenced by the significant rise of the dollar. Investors are anticipating multiple interest rate increases from the US Federal Reserve in the coming months.

Oil prices have dropped below $100 per barrel, but this has not halted the pound's fall. The current exchange rate is around $1.328.

A recent survey by Standard & Poor's Global indicates a slowdown in British companies' growth during September, amidst rising inflationary pressures and a weak labor market.

The Purchasing Managers' Index for the services sector fell to 51.7 points in September, down from 52.5 points in August, representing its lowest level in three months.