Pound rebounds 1% against US dollar after BOE action

THE pound rebounded 1 per cent against the US dollar on Thursday after the Bank of England (BOE) bought UK government bonds as markets feared for Britain’s recession-threatened economy.

Sterling reached US$1.0999, having earlier slumped 1 per cent following the BOE’s move on Wednesday and after the British currency hit an all-time low of US$1.0350 at the start of the week. AFP