The pound sank more than 2% as traders piled back into the dollar on bets that the Federal Reserve will stick to hiking interest rates. Sterling fell as low as $1.1227, snapping six days of gains, its best streak since April 2021. The move was led by the greenback, as markets faded the prospect of the Fed pivoting to a more dovish stance following better-than-estimated US data and policy maker comments. The pound remains significantly above its all-time low reached on Sept. 26, when it crashed due to concerns over the new UK government’s fiscal plans. Prime Minister Liz Truss has since rowed back on a proposal to cut ... (full story)