Published: Thu, 19 Mar 2009 12:47:37 +0100
Sterling Mixed After Weak Economic Data, U.S. Fed Actions
(CEP News) - The pound sterling is mixed against majors following the Fed's surprise decision on Wednesday to begin purchasing Treasuries, and some additional downbeat economic data for the region.
On Wednesday, the Federal Reserve took unprecedented action to pump $300 billion in the purchase of long term U.S. Treasuries. The announcement sent the greenback plummeting against majors.The Confederation of British Industry's manufacturing order book balance for the UK fell to -58 in March, down from both the -55 level expected and February's -56 figure. March's balance is the worst recorded since January 1992.
Meanwhile the UK's public sector net cash requirement rose to +£4.4 billion in February, its highest level since February 1995, while public sector net borrowing rose to £8.991 billion, its highest level on record.
Data taken at 7:42 a.m. EDT.
GBP/USD up 1.25 cents to 1.4396
Euro/GBP down 0.37 pence to 0.9408
GBP/CAD up 0.23 cents to 1.7820
By Erik Kevin Franco, efranco@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca
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