Sterling tumbled to a three-month low against the dollar as investors bet the Bank of England will not raise interest rates until well into next year.
The pound fell nearly half a cent to as low as $1.5266 – a level not seen since early June – before clawing back its losses.
Sterling was trading at nearly $1.58 early last week but has dropped sharply on speculation rates in the UK could stay at their historic low of 0.5 per cent for far longer than previously thought.
Cash in hand: Sterling was trading at nearly $1.58 early last week but has dropped sharply on speculation rates in the UK could stay at their historic low
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Sterling Down against Dollar
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