Britain's pound is under attack from all sides: after its first-half rally, sterling is being eroded by slowing service sector and consumer activity and a central bank that doesn't believe its own hawkishness.
Let's first examine Friday's data: the UK's manufacturing and production industries appear to be just fine, according to industrial production data which beat market forecasts.
Manufacturing production - output from factories that make manufactured goods - rose at an annual rate of 2.7% in September, after rising by 2.8% in August, and beating expectations of a 2.4% rate.
Industrial production - output from heavy industries such as mining and oil production - rose by an annual 2.5% in September, after rising at 1.8% in August, and beating forecasts of 1.9%.
It's all looking fairly robust, it's just a shame these sectors only make up about a seventh of the British economy.
Service sector weakness
Services and construction sectors, where Britain's business strengths are more concentrated, have been slowing in recent months and ensured that gross domestic product was nearly as limp in the third quarter as it was in the previous two.
The response of the pound throughout the third quarter was, understandably, listless in this environment of low growth in spite of several months of high inflation and increasingly-hawkish rhetoric from the Bank of England (BoE) about its first rise in interest rates in a decade.
Rate rise expectations overdone
And when the repeatedly-flagged rate hike was finally delivered, as forecast, at this month's BoE monetary policy meeting - it was so expected that the pound fell 1% in response, unwinding the gains made in expectation of a more prolonged rate hike cycle.
"Under normal circumstances, such an auspicious event would have immediately elevated sterling and boosted sentiment towards the UK economy, however, we are seeing a completely opposite reaction," says Lukman Otunuga, research analyst at FXTM.
Some called it "the most dovish rate hike in history", others a "one-and-done deal".
Indeed, the central bank did as much as it could to remove the previously hawkish language of, not only the statement, but the following press conference. And some believe, with good reason, that the hike was possibly a mistake.
Not least the two MPC members who voted against the rate hike, Jon Cunliffe and Dave Ramsden, who both felt there was insufficient evidence that wage growth would pick up in line with the Bank's projections and that there was possibly more slack in the economy than was assumed.
Squeeze on household finances
Wage growth has really struggled to maintain pace with inflation despite the high rate of employment.
"Recent UK economic data is showing that under the weight of falling real wages, consumers are shying away from buying big ticket items such as cars and furniture," says Jane Foley, currency strategist at Rabobank.
"While this is not an environment that is usually associated with a build-up of inflation pressures, the UK economy is still in danger of running into supply constraints due to inadequate investment growth."
Yet inflation is running at 3% compared with the BoE's target rate of 2%. At 3.1% Bank governor Mark Carney will find himself writing a letter to the chancellor of the exchequer explaining why inflation cannot be kept in check.
And while all this is happening, consumers - whose annual salaries are only rising on average at 2.2% a year - are tightening the purse strings on the UK's consumer-led economy.
The evidence of a consumer-led slowdown has grown stronger this week. Data from the British Retail Consortium showed, a record decline in non-food sales, while Sainsbury's, Halfords and Marks & Spencer all reported weakening third-quarter profits.
Weak sterling underpins inflationary pressures
And while sterling remains weak, inflation continues to build as prices of imported goods rise - that not only includes imports of finished goods, but also of raw materials.