Sterling sold aggressively across the board on further UK banking concerns
Disclaimer: THIS MATERIAL IS NOT INVESTMENT RESEARCH AS DEFINED BY THE FINANCIAL SERVICES AUTHORITY
Sterling was sold against the Euro, US dollar and other major currencies as traders and market participant shorted on a delayed reaction to UK banking issues and the introduction of quantitative easing. Against the dollar sterling crashed to a six week low trading down to $1.3740. Against the Euro a similar story, the pound traded down to €1.0879.
The Bank of England will begin its purchase programme on Wednesday with a £2 billion auction for gilts. Although the bank has capped the amount it plans to spend in the coming year at £150 billion, the governor has conceded it could go far beyond this target if necessary.
Tuesday 10 March 2009, 12:46pm
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