Credit fears return to FX markets
LONDON - Traders are reporting the return of credit fears to the FX markets, which is affecting FX forwards trading after a fairly smooth passing of the 2008 year-end.
This echoes the Bank of England's (BoE) quarterly report released last Monday (March 16), which said the sterling markets had become more difficult again. The BoE said GBP/USD basis swap spreads, used in long-dated FX forward transactions, began to widen again in late January after falling to pre-September 2008 levels earlier that
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