Published by Mark AckroydSterling tumbled versus the US dollar in foreign exchange markets yesterday (November 15th) to its lowest level since October 21st - $1.5812.Reuters suggested that traders held corporate selling responsible for the change.Analysts may be awaiting further clues about the strength of the UK's economy from the Bank of England's (BoE'S) Quarterly Inflation Report due later today, which should provide a clearer indication of whether the nation is likely to experience a double-dip recession.In a letter to Chancellor of the Exchequer George Osborne, Sir Mervyn King, chairman of the Monetary Policy Committee (MPC) and governor of the BoE, stated that last month consumer price index inflation fell to five per cent, down slightly from the 5.2 per cent seen the previous month but above the two per cent target.He suggested that the MPC chose to hold the base rate at a record low of 0.5 per cent and give a £75 billion boost to its asset purchase scheme in its most recent meeting due to developments in the UK and worldwide economy."The best contribution that monetary policy can make to high and stable levels of growth and employment is to respond flexibly and transparently to bring inflation back to target in the medium term," he said.Sir Mervyn stated: "The committee remains determined to set policy to ensure that inflation is on track to meet the target in the medium term."In response, the chancellor suggested that appropriate action from leaders in the eurozone to improve its economic situation would "provide the single biggest boost to global confidence" and help the UK reach its targets.The base rate has now remained unchanged by the MPC since March 2009 and the minutes of the most recent meeting held on November 10th will be published on November 23rd.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site