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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: regli who wrote (41372)	11/18/2005 4:30:37 AM
From: maceng2	Read Replies (1) \| Respond to of 116555

Sterling falls to 2-year low versus dollar Fri Nov 18, 2005 8:22 AM GMT Printer Friendly \| Email Article \| RSS today.reuters.co.uk (I think interest rate will stay where they are or go up.. pb) LONDON, Nov 18 (Reuters) - Sterling plunged to a two-year low versus the dollar on Friday on technical selling and amid growing speculation over the Bank of England's next move in interest rates. Bank of England Mervyn King on Thursday said the Monetary Policy Committee has no pre-set idea of where interest rates are headed, though markets are speculating about an interest rate cut. King is speaking at 0900 GMT on BBC Radio Derby. By 0808 GMT, sterling was down 0.4 percent at $1.7118, its lowest since November 2003. The pound was close to a one-month low against the euro at 68.35 pence. "We're hitting the year lows again in cable (sterling/dollar) and we closed above technical levels which is renewing strength in euro/sterling. The next focus is Nickell speaking. He is on the dovish side," said Tim Fox, currency strategist at Dresdner Kleinwort Wasserstein. The BoE left interest rates on hold at 4.5 percent for the third month running last week and analysts are divided about what the next direction in borrowing costs will be.