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- Title
Markets and operations.
- Abstract
This article reviews developments since the Winter Quarterly Bulletin in sterling and global financial markets, UK market structure and the Bank's official operations. • The sterling ERI appreciated to the highest level since end-2002, and sterling reached an eleven-year high against the US dollar. In effective terms the dollar depreciated over the period. • Short-term nominal interest rates fell internationally, as did sterling and dollar long-term rates. Credit spreads were little changed between November and February, but dollar high-yield spreads ticked up after the FOMC meeting in January. • Equity markets continued to rise, with the Euro Stoxx 50 rising more than other international indices. • In the sterling money market, use of gilt repo continued to expand, while the issuance of eligible bankers' acceptances fell sharply.
- Subjects
CAPITAL market; INTERNATIONAL finance; POUND sterling; U.S. dollar; INTEREST rates; STOCK exchanges
- Publication
Bank of England Quarterly Bulletin, 2004, Vol 44, Issue 1, p5
- ISSN
0005-5166
- Publication type
Article