The British pound depreciated sharply vis-Ã -vis the U.S. dollar today as cable tested bids around the US$ 1.3740 level and was capped around the $1.4180 level. Traders sold sterling after it was announced the government may assume control of up to 65% of Lloyds Bank in its second rescue attempt. Chancellor Darling said this is a €œvital step€ to restoring bank lending. Barclays submitted a ‚¤50 billion portfolio that is being assessed this week for the government€™s asset protection scheme. Cable bids are cited around the US$ 1.3530 level. The euro moved higher vis-Ã -vis the British pound as the single currency tested offers around the ‚¤0.9185 level and was supported around the ‚¤0.8950 level.
Join the Discussion