The Pound fell to a fresh seven week low on Tuesday as weak consumer spending data added to growing concerns about the overall health of the UK economy.
Federal Reserve Chair Janet Yellen gave an unmistakably hawkish speech on Friday that reinforced our view of another interest rate hike in the US in March.
The US Dollar extended its gains against its major peers on Thursday with investors ramping up expectations for an interest rate hike by the Fed this month.
The Pound depreciated 0.6% versus the Dollar on Wednesday following the release of a disappointing manufacturing PMI, the index declined to 54.6 from 55.9.
The US Dollar index rose to its highest level since early January this morning as investors ramped up expectations for a hike at the Fed’s March meeting.