Published by Zeb BhamThe British pound has begun to drop against the dollar after two days of gains.The fall comes ahead of the release later today of the latest Markit and Chartered Institute of Purchasing and Supply Construction Purchasing Managers' Index, which is expected to reveal a drop in the rate of growth compared to last month.A fall from the 53.7 level recorded in January to around 53 is expected to be revealed for February. A level above 50 represents growth.Bloomberg notes that the expected drop has been a key influence in driving the currency down on the foreign exchange market. Sterling has fallen against the dollar, the euro and the yen.Despite the fall in early trading, the pound has followed an upward trend against the dollar on the foreign exchange market so far this year, due in part to the growing speculation that a base rate rise is likely to be made by the Bank of England sooner than had been expected.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site