Most traders now believe the Federal Open Market Committee will lower the federal funds target rate by 25bps or 50bps no later than 18 September when policymakers next deliberate monetary policy. The British pound and Swiss franc moved higher vis-à-vis the yen as the crosses tested offers around the ¥229. These data suggest Bank of England?s Monetary Policy Committee will still move forward with a +25bps monetary tightening before the end of the year despite the global liquidity situation. The euro lost marginal ground vis-à-vis the British pound as the single currency tested bids around the ?’?0. Swiss National Bank President Roth reported ?The information we currently have show a rather positive picture? regarding the prospects for the Swiss economy in the wake of the global liquidity crisis but added the economy could ?slow down somewhat in the second half of the year. The euro and British pound moved lower vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1. read more
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