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Sterling slipped against the dollar on Tuesday, although losses were limited by traders' reluctance to take on big bets ahead of the US Federal Reserve's interest rate decision on Wednesday.
Sterling on Tuesday extended the slide it started the previous session, emerging as one of the biggest losers so far this week against a rebounding dollar.
Data that showed British manufacturers' order books shrank in October at their fastest pace since the start of the year briefly pushed sterling to its session lows.
But caution ahead of the Fed's policy meeting helped to shield the pound from heavier selling, and ensure the euro once again held above strong technical support around 66.90 pence.
"The reason why the impact on cable (sterling/dollar) has been muted may be related to the comment by the CBI attributing weakness to spill-over effects from the slowing US economy," BNP Paribas currency strategists said in a note to clients.
"(Sterling) is keeping the pressure on the downside and a further near-term dip lower towards the $1.8500 area is still likely, but this would be viewed as a medium-term buying opportunity," BNP Paribas said.
The greenback was firm across the board ahead of the US Federal Reserve's two-day policy meeting that is expected to leave borrowing costs on hold for a third straight time at 5.25 percent but also highlight inflationary risks.
At 1400 GMT, sterling was down 0.1 percent on the day at $1.8703, while the euro was up a touch at 67.04 pence.
The Confederation of British Industry's October manufacturing orders survey plummeted to -20 from -5 in September.
The pound's weakness so far this week is in part a consequence of it being one of the biggest gainers against the dollar last week. Its solid 1.5 percent gain last week was its biggest weekly rise against the dollar in almost three months.
Sterling traders will look out for a speech later on Tuesday from the Bank of England's chief economist Charles Bean.
The Bank of England is universally expected to raise rates 25 basis points to 5 percent on November 9. Minutes of the BoE's last Monetary Policy Committee meeting showed two committee members voted for a rate rise, the other seven for steady rates.

Copyright Reuters, 2006

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