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According to Reuters, sterling decreased to a to a session trough of $1.6266 after weaker than expected services sector results.
The news provider stated the Markit/CIPS services purchasing managers' index was down to 52.6 in February compared to its eight-month high of 54.5.
But it was predicted the index would fall to just 53.5.
This comes after positive news for the construction industry yesterday when data managed to beat forecasts as it increased at its quickest pace for eight months, meaning the pound rose by 0.3 per cent against its US counterpart.
Following yesterday's figures, Michael Hewson, analyst at CMC Markets, pointed out if the services industry produced similar results today then the economy may be more resilient than people first thought.
However, the services industry's statistics may have put paid to such a possibility.
Posted by Greg Secker
