Sterling plummets as BoE dithers

Ashraf Laidi, chief foreign exchange strategist at CMC Markets in London, said high-yielding currencies weakened en masse due to de-leveraging activity, but sterling suffered further from a lack of central bank monetary intervention. "The Bank of England's misguided preoccupation with inflation at a time when recession risk was the prevailing concern for the economy was damaging for sterling," he said.

The BoE eventually cut interest rates by 150 basis points to 3% on November 6, after the unit