Pound drops over 1% versus dollar ...News

The Bank of England’s intervention on bond markets has dragged the currency down Bond-market intervention announced by the Bank of England on Wednesday sent sterling sliding by more than 1% to 1.0763 against the US dollar after temporarily recovering by nearly 5% from the historic lows it reached earlier this week. The regulator said it would carry out temporary purchases of bonds and postpone the planned commencement of its gilt sale program. It indicated that it would buy as much as £5 billion ($5.4 billion) per day of long-dated government bonds until October 14.   The bank spent nearly £1 billion on Wednesday

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