Same Story, Different Day: Sterling Sharply Lower

In a what is by now becoming a familiar start to the week, the pound crashed Monday afternoon, losing more than four cents on the day, slipping below $1.60 as the FTSE100 gave up early gains.

Talk that the BoE may go the whole hog & hit the market with a full one percent drop in interest rates Thursday put sterling on the defensive. Meanwhile risk appetite remains low.

The FTSE100 slipped into negative territory by mid-afternoon after news that the UK's manufacturing sector shrunk for the sixth month in a row in October.