Pound Up As Stocks Gain
The pound is firmer this morning, back above $1.60 against the dollar, as stock markets recover buoyed by growing expectations that central banks will cut interest rates further.
The DJI closed almost 11% higher last night ahead of today's anticipated 0.5% cut in US interest rates.
Many analysts expect the Bank of England and European Central Bank to follow suit next week.
In Japan, the Nikkei closed up 7.74%, breaking back through the 8,000-point barrier to end at 8,211.90.
In early trade the UK's FTSE 100 index was up 5.3% to 4,134, while France's Cac had added 5.9%.
The pound advanced as high $1.62 in early trade. It was $1.6010 as of 9:12 a.m. in London, from $1.5901 late yesterday.
The DJI closed almost 11% higher last night ahead of today's anticipated 0.5% cut in US interest rates.
Many analysts expect the Bank of England and European Central Bank to follow suit next week.
In Japan, the Nikkei closed up 7.74%, breaking back through the 8,000-point barrier to end at 8,211.90.
In early trade the UK's FTSE 100 index was up 5.3% to 4,134, while France's Cac had added 5.9%.
The pound advanced as high $1.62 in early trade. It was $1.6010 as of 9:12 a.m. in London, from $1.5901 late yesterday.
