Market Moving News: GBP/USD - Jul 9

By IBTimes Staff Reporter | July 09 2010 12:52 AM

Gbp/usd - 1.5170 ... Millions of people with private sector retirement schemes are likely to see their pensions reduced by as much as 25% after the Govt announced plans to change the way they are calculated. Pensions minister Steve Webb said there were plans to link pension payments to a lower measure of inflation. The British pound rebounded fm 1.5132 to around 1.5172 on cross unwinding in sterling (eur/gbp retreated fm y'day's high of 0.8381). Investors are also focusing on the U.K. Emergency budget by Chan George Osborne. Bids are located at 1.5130/40 n 1.5105/10 with stops building up below 1.5100 n 1.5080. On the upside, some offers are tippeda t 1.5185/90 n 1.5220/30.

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