Dollar At 6 year High Vs Pound
The dollar hit a fresh 6-year high versus the pound of $1.5203 Wednesday as traders reacted to indications that the Bank of England will further cut interest rates in a desperate effort to stem the tide of economic weakness.
Having already slashed rates 1.5% last week, the Bank of England Governor Mervyn King said Wednesday that the Monetary Policy Committee is certainly prepared to cut interest rates gain if necessary.
Cheers, Merv.
Separately, the Office for National Statistics said the number of Brits without a job rose to 1.825 million in the three months to September, the highest level since the three months to December 1997.
Exactly why the US dollar is so bloody popular at the moment is intriguing, the state they are in. Unemployment is running in excess of 10 million, interest rates are 2% lower than ours and the governments $700 billion bailout is looking to be woefully insufficient.
Treasury Secretary Henry Paulson will speak later today on the financial bailout program. Meanwhile Democrats in Congress are ratcheting up the pressure on the Bush Administration to provide emergency assistance to the ailing American auto industry.
Having already slashed rates 1.5% last week, the Bank of England Governor Mervyn King said Wednesday that the Monetary Policy Committee is certainly prepared to cut interest rates gain if necessary.
Cheers, Merv.
Separately, the Office for National Statistics said the number of Brits without a job rose to 1.825 million in the three months to September, the highest level since the three months to December 1997.
Exactly why the US dollar is so bloody popular at the moment is intriguing, the state they are in. Unemployment is running in excess of 10 million, interest rates are 2% lower than ours and the governments $700 billion bailout is looking to be woefully insufficient.
Treasury Secretary Henry Paulson will speak later today on the financial bailout program. Meanwhile Democrats in Congress are ratcheting up the pressure on the Bush Administration to provide emergency assistance to the ailing American auto industry.