Britain's pound weakened against the dollar on Wednesday, ending a six-day rally but avoiding recent lows as British Prime Minister Liz Truss sought to overcome a chaotic first month in office with her speech to the annual Conservative party conference.
fights to restoreThe selloff in the British pound meanwhile gathered pace as the dollar rallied across the board - pushed up as recent risk-on sentiment reversed and Wall Street shares slid.In late trade, sterling was at $1.1266 , having slid as much as 2%, but holding above recent record depths. The euro was also down over 1% against a broadly firm greenback.
"Compared to the wild swings over the past week or so it's not a significant move," said Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown, referring to the pound's performance.came out slightly higherDespite the slightly better reading, the data brings into focus the challenges facing British businesses as they suffer the sharpest contraction in activity since early last year.
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