New figures published showing the struggling UK service sector have had an impact on Sterling, Travelex has revealed.
Investors will find that the pound has fallen by around 0.5 per cent against the dollar, following news that the sector dropped from 53.1 in July to 51.3 in August.
Mark Bolsom, head of the UK trading desk at Travelex Global Business Payments, said these results are not a glitch, mainly due to the weak growth that has recently been seen in the US.
"Concern remains extremely high amongst businesses that the global economic slowdown will impact on their growth and development," he explained.
Many are also anticipating that growth will continue to be weak in the future, Mr Bolsom added.
Sterling also suffered last month once the Bank of England's inflation report had been unveiled, leading it to downgrade growth forecasts.
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