Sterling sank to a record low, 1.03 to the dollar, but rebounded as markets kept a close eye on Bank of England
In a tumultuous day, sterling dived to a record low in Asian trade, then recovered some ground on expectations the BoE would step in to calm a market on edge since the government announced its fiscal plans on Friday.
Sterling has weakened more than 20% against the dollar this year and it is set for its biggest monthly decline since November 2008.It was 0.65% lower against the euro at 89.93 pence per euro, having touched 92.60 pence, its lowest against the single currency in two years. Money markets are fully pricing in the BoE raising rates by a percentage point to 3.25% at its next meeting, according to Refinitiv data. But that is not until Nov. 3. IRPR
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