Pound hits new two-week low on weak data

The British pound fell to a fresh two-week low versus the dollar on Monday after weak UK manufacturing data last week cemented the view that British interest rates might be near or already at their peak.
Sterling fell to $1.7909 in Asian trade, slipping 0.4 percent from US levels late last week and adding to its 0.7 percent losses on Friday following an unexpected fall in the UK CIPS/Reuters manufacturing survey.
"If you compare the economic fundamentals of each country, Britain looks the weakest at the moment with a fall in house prices starting to take its toll on the economy," said Junya Tanase, strategist at J.P. Morgan Chase Bank.
The pound also stayed near Friday's eight-month low versus the euro. The euro was around 69 pence near Friday's peak around 69.16.
Comments from Bank of England policymaker Kate Barker last week that the bank could be nearly done with rate rises also fuelled sterling's drop.