Excerpt from: Spot Forex
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| September 15, 2009 | | Sterling down against dollar, euro in forex trading | The sterling is heading lower on the spot forex market today, thanks to remarks coming out of the Bank of England. BOE governor Mervyn King said that there might be a cut in deposit rates on commercial bank reserves, and that news has sent the sterling tumbling against the dollar and the euro in forex trading.
Sterling had been making some strides. With the return of risk appetite, the U.K. currency had climbed to above the 1.6600 level against the U.S. dollar on the spot forex market. However, now the sterling is unable to support that level, and has fallen back.
This news comes as a report on U.K. banks is released, pointing out that British banking has a ways to go, and that the sector will need aid from the government for quite some time.
| Topic Tags: dollar, euro forex trading, forex trading, Mervyn King, spot forex market, spread bets sterling, spread betting forex market, sterling forex market | |
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