Bank of England Governor Mervyn King said the central bank was looking at reducing the rate on commercial banks' reserves, fuelling speculation of further quantitative easing. This sent a bid to short sterling contracts, as well as a bid to front month spreads rose. The Pound was also under pressure as its fell to a recent low against the EURO not seen since late april with the EURO GBP trading almost 0.89.
Euirbor was also busy today selling off as strong retail sales showed further signs of a recovery. The curve continues to steepen, especially in the reds as it is expected that there will be gradual rate increases from next year.
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