Tumbling pound near 12-month lows after King QE call

The pound has moved towards a year low today against the dollar, its recent weakness having been exacerbated by the revelation BoE governor Sir Mervyn King voted for further stimulus this month.

Sterling hit a low of $1.5282 after the minutes from the latest Monetary Policy Committee (MPC) were released, before recovering slightly to sit at $1.5300 by early afternoon, This marked the lowest point since June last year, with sterling close to its 52-week low of $1.5269. After moving into 2013 in a position of relative strength, at above $1.63 against the dollar, the pound has seen a sharp decline so far this year. That fall was increased by almost 1% today after the revelation that King and two other MPC members voted for more quantitative easing at the Bank of England's Feb...