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The British pound rallied vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.6645 level and was supported around the $1.6480 level. Traders again chased yield as gains in global equities markets fueled demand for riskier assets. A Bank of England paper published this weekend noted "
Some studies have argued that credit growth and asset prices are useful leading indicators of banking system crises. It is important that this work be pursued, as it may be possible to introduce a baseline rule-like element into any system." On the political front, Tories leader Cameron pledged his opposition Conservative party would enact an emergency budget within 50 days after being elected. The International Monetary Fund today called on the U.K. government's support for the economy to remain in place for "some time." BoE Monetary Policy Committee member was quoted as saying a "modest recovery" is underway. Cable bids are cited around the US$ 1.6430 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ?0.9035 level and was supported around the ?0.8995 level.
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