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FX Update: Cable Edged Higher Post CPI Data

Posted:18/11/2008 10:27 by Peter Burnside
GBP mixed after UK CPI slowed to 4.5% y/y in October, which was well below the consensus and is the first drop since August 2007. The biggest downward effect on CPI came from cheaper fuel and transport cost, according to the ONS. Cable firmed and traded back in to 1.5015 versus 1.4980-85, while EUR/GBP moved up to 0.8418 before turning back in to 0.8395. Elsewhere, the UK Treasury said that there is no automatic right of access to the government recapitalisation scheme for banks. If capital is required it will carry terms and conditions, which include dividend policy, renumeration, lending and wider public issues. Banks will have to meet an eligibility criteria, which includes capitalisation plans, a sustainable business model, a clear funding profile and credible management. If the Treasury is asked to subscribe or underwrite bank shares it would be at a discount to market price or placing price. click here to return to the top of the page
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