banks get £100 billion finding on corporate loans

Published on in Foreign Exchange News by

The Euro’s unlikely rally continues for the third day of trading.

Despite the impending Greek elections this Sunday, Spanish bond yields hitting 7% yesterday and downgrades of several Dutch banks by Moody’s the Euro has held on to its recent gains. It has been rumoured from G20 sources that central banks are preparing for coordinated action to provide liquidity if needed after the Greek election results.

The major news overnight was the announcement that the Bank of England will introduce new initiatives on credit easing. The aim is to provide funding to banks of up to £ 100 billion against corporate loans, all in an attempt to shield the UK from the threat of the Euro Zone’s economic woes. It was also hinted by Governor Mervyn King that further Q/E is possible over the coming months. In the meantime Sterling is weaker this morning against a basket of currencies now opening below € 1.2300.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.23470 1.23060
GBP/USD 1.54950 1.55410
GBP/CAD 1.59490 1.58870
GBP/NZD 1.99560 1.97760
GBP/AUD 1.56060 1.54830
GBP/AED 5.73830 5.69780
EUR/USD 1.25510 1.26280
GBP/CHF 1.48940 1.47800
GBP/ZAR 13.0593 13.0095
GBP/SEK 10.9537 10.9210
GBP/JPY 123.775 122.973
GBP/PLN 5.36280 5.33240
USD/PLN 3.44980 3.43800
EUR/PLN 4.32400 4.31500
EUR/CHF 1.20090 1.20080
GBP/MAD 13.7014 13.6563
PLN/EUR 0.23130 0.23170
GBP/CZK 31.7227 31.5620
GBP/DKK 9.21720 9.18340
GBP/HKD 12.0602 12.0340
GBP/HUF 367.642 367.808
GBP/NOK 9.31600 9.27710
GBP/INR 86.4306 86.5707
GBP/THB 49.0760 48.9199

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