Barbara
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U.K. Pound Advances Against Dollar - 2007/10/23 20:53
Hello guys!!
The pound rose against the dollar on speculation the Federal Reserve will cut interest rates again this year while the Bank of England stays on hold.
The U.K. currency rebounded after dropping the most in three months yesterday as stocks rallied, with the FTSE 100 index advancing 1.5 percent. Interest-rate futures showed traders have added to bets on the Fed lowering borrowing costs on Oct. 31, while most economists surveyed by Bloomberg News don't expect the Bank of England to cut rates at its next meeting.
The pound climbed to $2.0488 by 1:45 p.m. in London, from $2.0331 late yesterday, when it plunged 0.9 percent. It rose to 69.58 pence per euro, from 69.77 pence.
The U.K. currency also advanced 1 percent to 235.13 yen, after dropping the most in two months yesterday.
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