{
  "id": 9428280,
  "title": "British Pound sells off hard as US surveys outpace the UK's",
  "url": "https://urgent.news/2026/09/23/british-pound-sells-off-hard-as-us-surveys-outpace-the-uks",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-23T22:24:19.000Z",
  "source": {
    "name": "FXStreet",
    "slug": "fxstreet",
    "url": "https://www.fxstreet.com/news/british-pound-sells-off-hard-as-us-surveys-outpace-the-uks-202609232224"
  },
  "original_language": "en",
  "account": "The British Pound experienced a significant drop in value on Wednesday as US business surveys outperformed expectations, while the UK's business activity slowed. The US services sector grew at its fastest pace since July 2021, with a Purchasing Managers Index (PMI) of 58.7, compared to the UK's PMI of 51.7. This marked a stark contrast, with the US outperforming the UK by nine times. Consequently, the GBP/USD exchange rate fell to just under 1.3250, its lowest level since early July. The US Federal Reserve raised its interest rate to 3.75-4.00% on September 16, while the Bank of England (BoE) maintained its rate at 3.75%, and some BoE members hinted at a potential November rate hike. The UK's services sector saw prices rise at the fastest rate in four months, according to the PMI survey. The BoE's Deputy Governor Breeden and external member Dhingra are set to speak on Thursday, as are Deputy Governor Lombardelli. Both are among the six who voted to hold the interest rate in September, making it unlikely for a November hike to occur without their support. The BoE's next release is the GfK consumer confidence index on Thursday at 23:01 GMT, with a forecast of -16 from -14. On the US side, jobless claims and new home sales are expected on Thursday, followed by durable goods orders and consumer sentiment from the University of Michigan (UoM) on Friday. The remaining British data point measures household sentiment, with the forecast indicating increased gloom. Resistance at 1.3300 was breached on Wednesday, followed by the 1.3400 level, which has capped sessions since the Fed's September 16 rate hike. Support is provided by 1.3200, with Wednesday's low just above it and the late-June low just below it. A breach of both levels could open the path to 1.3150. The short-term bias is bearish below 1.3300, with 1.3200 as the first objective and 1.3150 as the second. The daily Stochastic Relative Strength Index (Stoch RSI) is near 13 and still falling. A daily close above 1.3350 would end the short-term bearish outlook. The Pound Sterling, the oldest currency in the world, is the fourth most traded currency in foreign exchange, accounting for 12% of all transactions, averaging $630 billion daily. The primary factor influencing the Pound Sterling's value is the Bank of England's monetary policy decisions, aiming to maintain price stability around a 2% inflation rate. The BoE raises interest rates to curb high inflation, making the UK a more attractive investment destination. Conversely, lowering interest rates is considered when inflation falls too low, potentially weakening the Pound Sterling. Economic data releases, such as GDP, PMIs, and employment figures, can impact the Pound Sterling's value. A positive trade balance strengthens the currency, while a negative balance weakens it. On Wednesday, the USD/JPY pair slipped to two-week highs as the Bank of Japan's dovish rate hike continued to weaken the Japanese Yen. Gold also dropped below $4,300 per troy ounce, driven by a strong US Dollar and positive sentiment in the US money market.",
  "summary": "Wednesday's flash Purchasing Managers Index (PMI) surveys showed US business growing at its fastest pace since July 2021 and British business slowing.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "FXStreet",
        "title": "British Pound weakens to near 1.3300 as UK fiscal deficit exceeds market expectations",
        "url": "https://urgent.news/2026/09/23/british-pound-weakens-to-near-1-3300-as-uk-fiscal-deficit-exceeds",
        "published": "2026-09-23T06:06:44.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}