Daily News | Debt buying in England

Another trading week is coming to its end, but there is still plenty of market news to discuss. Let’s see what’s going on in the business world. We start our recap with news from the United Kingdom. The British pound sterling fell from Wednesday to Thursday, from $1.333 to $1.313. Partly in response, the Bank of England cut its main rate to a record low of 0.25%. Furthermore, the BoE announced its plans to buy 60 billion pounds of government debt, along with 10 billion pounds of high-grade corporate debt. We will just have to wait and see what these new developments will entail for the GBP, as instability is the name of the game in the UK currently. Next, we look at the euro. It also fell from $1.117 to $1.114. Further bad news is also coming in, with European bank shares tumbling this week after unsuccessful stress tests on lenders. The European Central Bank responded by buying up government bonds since March 25 so as to lift Eurozone inflation and growth. Whether it can stop the tumbling remains to be seen. For more news on all the most important developments on the market in the days to come, be sure to keep reading our daily news!

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Author: Max Rothstein

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