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Sterling approaches parity vs the euro

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Lloyds TSB Corporate Markets

2008-21-12

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The pound fell by 3.5% against the euro to a low of 1.0467, as prospects for the UK economy deteriorated further and speculation rose that the BoE will cut base rates to 1% in January.

The dollar depreciated against almost all major currencies as the Fed cut its funding rate to a target range of 0%-0.25%, and said that it would keep interest rates at an exceptionally low level for ‘some time’.

Bond yields and swaps fell sharply across the world this week as central banks evaluate new initiatives to boost liquidity and consider buying longer-term securities. The ECB lowered the deposit rate and raised the overnight lending rate.

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