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BOE Says Merlin Banks Lent GBP 57.4 Billion In Third Quarter

fxbom.com
07:19 PM

LONDON -(Dow Jones)- Five of the U.K.’s biggest banks lent GBP57.4 billion to U.K. businesses in the third quarter of 2011, according to Bank of England data published Monday, putting them on track to meet lending targets agreed with the government.

HSBC Holdings PLC (HSBA.LN), Barclays PLC (BARC.LN), Royal Bank of Scotland Group PLC (RBS.LN), Lloyds Banking Group PLC (LLOY.LN) and the U.K. arm of Spain’s Banco Santander S.A. (SAN.MC) lent a gross GBP57.4 billion to firms in the three months to the end of September, including GBP18.8 billion to small businesses.

IMF’s Lagarde Criticizes European Leaders

fxbom.com
03:55 PM

BEIJING — International Monetary Fund Managing Director Christine Lagarde said Thursday European leaders were “sort of hesitant” to let IMF join Greece, Ireland and Portugal bailouts, and called for political clarity in Italy and Greece.

Some countries were against earmarking IMF funds for Europe, Lagarde said, without elaborating. She also said political uncertainties are adding to market volatility in euro zone, and no one knows who will be next leaders of the two countries.

The IMF is ready to assist members as requested, but shouldn’t dispense funds on an “ad hoc” basis, she said.

Euro Still in Low range in a Month, Due to Increase Yield Bonds Italy

fxbom.com
01:29 PM

In today’s trading the euro exchange rate movements appear to have still in the range of the lowest in a month later against the U.S. dollar (10/11). Last night the euro fell sharply against its main rivals after the Italian bond yields soared to the top level of 7% which is a record high level.

Italian bond yields rise is the impact of Italian PM Silvio Berlusconi’s statement that he wanted a general election when he resigned, and did not accept the existence of the interim government. The statement sparked chaotic Berlusconi is back among the politicians in the country which is currently being rocked by the threat of bankruptcy. Impact of Italian bankruptcy will be much larger than Greece since the bankruptcy of this country’s debt tenfold Greek debt.

Trade Sector Report, Undermine Sterling

fxbom.com
05:50 PM

Pound sterling currency to trade GBP/USD, this afternoon (09-11) observed weakening and the pair traded in the range of 1.6001.

Pound weaker as a negative indication of the presence on the UK economy, where it is shown by the reduced performance of the trade sector in the country.

Trade Balance Indicator tumbled into previous-9.8B which is expected to increase to-8.0Bfrom-8.6B the previous value. This negative response by investors to trade forex.

Fxbom.com analysts argued that the pound sterling currency on the currency pair GBP/USD is expected to weaken further still.