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Barbara User Platinum Boarder Posts: 184   U.K. Pound Drops on Stock Losses - 2009/05/12 03:14 Hey guys, Monday is here, and we have the opportunity to make good trades, especially in FX. The U.K. pound fell against the euro and the dollar amid speculation the recession is worsening as the Bank of England extends its asset-buying program. The U.K. currency breached 90 pence per euro for the first time since April 29 as the nation’s FTSE 350 Banks Index declined by the most in two weeks. Reports tomorrow will show house prices and manufacturing production declined, according to Bloomberg News surveys. The central bank said last week it will spend an extra 50 billion pounds ($76 billion) of newly printed money to spur economic growth. The pound dropped for a third day versus the euro, weakening 0.8 percent to 90.18 pence by 4:10 p.m. in London, after reaching 90.37, the weakest level since April 27. It depreciated 0.8 percent to $1.5110.   | | The administrator has disabled public write access.
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