Sterling’s worst session in a year has analysts once again comparing its gyrations to currencies like the Mexican peso or South African rand, rather than the dollar or euro. The developing-market parallels were first drawn amid the U.K.’s tortuous exit from the European Union. They’re making a comeback after the possibility of early rate hikes by the Bank of England failed to stem the pound’s rout this week. “Price action is beginning to resemble that of an emerging-market currency,” said Adam Cole, chief currency strategist at RBC Europe. “It is probably too soon to conclude that a major derating of U.K. assets is ... (full story)