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Barbara
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Pound Rises Against Dollar - 2007/09/24 21:18 The pound rose against the euro and dollar on speculation signs economic growth isn't being hurt by the global credit drought, encouraging traders to buy the currency with loans taken out in lower interest-rate nations.

Growth in Europe's second-largest economy was 0.8 percent in the second quarter, economists surveyed by Bloomberg expect a report to show this week. A government report showing inflation at the slowest since March 2006 last week caused investors to bet the credit market crisis will persuade the Bank of England to follow the Federal Reserve and cut its main interest rate, driving the pound to a 17-month low.

The pound traded at 69.66 pence per euro by 10:38 a.m. in London, from 69.75 on Sept. 21. It breached 70 pence for the first time in 1 1/2 years on Sept. 20. The U.K. currency also gained to $2.0251, from $2.0203.

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Pound Rises Against Dollar

Barbara

2007/09/24 21:18