• Sterling ducked back below $1.50 after a stomach-churning, rollercoaster session Wednesday ended up being the pound's best one-day outing in 5 ½ years.
• The pound had benefited as the Fed news this week sparked an unwinding of long dollar positions which are bets on a strengthening greenback. 
  
  
• But sterling's weaker bias returned to the fore Thursday as the U.K. economy's record low level of inflation is expected to keep a local rate hike on the backburner for the foreseeable future.