Steepest One-day Drop of Pounds and Euro
Monday, September 29, 2008 9:55
The bulk of the stricken UK mortgage bank—Bradford & Bingley (B&B), is officially nationalized in the morning. An asset of £50 billion is seized and the deposit protection lifeboat is bankrolled to ensure that 2.6 million ordinary depositors won’t lose out. After this movement of the US government to boost dollar, the fears in the market over UK’s battered banking sector and the fallout for its economic prospects are further fuelled.
Today, Euro and sterling pound steeply plunged and was on course for its most one-day drop against the US dollar for at least a decade and a half. Meanwhile, in this morning trade, the Dow Jones in the US dropped by nearly 300 points to 10869 as the market took fright at several bank nationalizations in Europe and the US in spite of the approval of the Troubled Asset Relief Program of bailout.
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