Sterling Sinks

Sterling slipped to a near three-week low against the dollar on Monday as investors focused on underlying weakness in the British economy and the governing Conservatives gathered for what could be a fraught party conference, Reuters reported. Data on Friday showed gross domestic product growth slowed to 1.5% year on year in the second quarter while the current account deficit increased more than expectations. The Bank of England has come under pressure in recent weeks as doubts emerged whether the struggling economy could stomach a rate hike.