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The pound slipped against the dollar for the third day in a row, amid fears economic growth is slowing down, reports Bloomberg.
Ian Stannard, senior foreign exchange strategist at BNP Paribas SA, observed the "big events" due later in the day will have a strong effect on sterling's movement.
"We've seen a lot of negative data in the UK recently that has been followed up by the consumer confidence," added the Forex specialist.
From an early drop of 0.6 per cent to $1.5762, the pound rallied slightly to trade lower at 0.4 per cent - or $1.5792 - by 08:32 BST.
Another currency affected by the broadly strengthening US money was South African rand, which fell for the second day in a row, losing 0.7 per cent against the greenback before recovering slightly to trade at 7.2853 per dollar.
Posted by Greg Secker
