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FX round-up: Sterling down on Northern Rock woes

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Date: Tuesday 19 Feb 2008

LONDON (ShareCast) - Sterling slipped against other major currencies on Tuesday on news that bank Northern Rock’s will be temporarily nationalised.

Northern Rock shares were suspended yesterday as the government revealed plans to bring the bank into temporary public ownership within the next few days.

The news hit the pound and raised concerns that interest rates could be cut soon.

It offset a report that was supportive of the currency. The latest survey from Rightmove indicates average asking prices for houses rose 3.2% in February, to an average of £237,856, after declining 0.8% in January.

Investors will tomorrow look out for the Bank of England minutes from its last rate setting meeting.

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