US Treasury Secretary announces $800 billion injection to help financial system
Disclaimer: THIS MATERIAL IS NOT INVESTMENT RESEARCH AS DEFINED BY THE FINANCIAL SERVICES AUTHORITY
The US dollar gave up further gains yesterday, whilst a move by the Federal Reserve to lend $800 billion to ease the financial crisis was welcomed by investors. Sterling traded back up above the 1.55 level against the US Dollar with a surge in risk appetite on the creation of the new lending facility by the feds to support mortgage backed securities and consumer credit.
Yesterday morning the Bank of England governor Mervyn King commented that further interest rate cuts may be likely to encourage banks to pass on the cuts to the consumer. It seems that many countries are facing similar problems
Sterling also saw a good rally against the single currency, during afternoon trade sterling was pushed down to 1.1666 against the single currency, before turning around and rallying to over 1.19
Wednesday 26 November 2008, 04:00pm
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