Sterling Recovers Slightly After BoE Minutes

The pound recovered slightly from earlier steep losses after the minutes of the Oct 8th BoE MPC meeting revealed that all nine members voted for this month's globally co-ordinated 50 basis point emergency cut in interest rates.

Most analysts still expect a further cut in interest rates next month. But the minutes stressed it was unclear how far and fast borrowing costs would ultimately need to fall, and sterling recovered ground after the minutes were released.

After hitting a 5-year low of $1.6203 earlier in the global session, sterling cut losses to last stand at $1.6403 at 11am BST.