Pound Bounces Back To USD1.42
Published / Last Updated on 26/01/2009
Pound Bounces Back To $1.42
In foreign exchange markets, the pound recovered strongly against the dollar to $1.42 on the back of positive banking news from Barclays that profits were not as poor as expected.
This followed the pound hitting a 24 year low against the dollar last week to $1.36 as the UK announced further funding to Royal Bank of Scotland (RBS) on the back of a record £28bn loss as well as a ‘bad mortgage debts’ insurance bailout package, which destroyed confidence in the UK financial system and sent shares tumbling.
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