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February, 19th, 2009.

Good Morning,

• Sterling rose against the dollar and euro on Thursday on hopes that a U.S. housing bailout plan will help boost the global economy.
• The pound hit $1.44 on Thursday, with sterling also up against the euro just short of 1.14

Eight members of the Bank of England Monetary Policy Committee voted for a 50 percent rate cut in February, with one in favour of a 1 percent cut. This is taken as an indication that the BoE lacks any other conventional policy options. This has resulted in the committee giving the Governor an unanimous vote in favour of the Bank to purchase Government owned, and other, securities.

Yesterday was generally a quiet day, with the Dow failing to recover ground after Tuesday’s fall. Currencies were also subdued the Euro still suffering from concerns over Eastern Europe.

Data out today: UK public sector borrowing figures for January at 09.30 GMT. For once, this may have more bearing than usual for Sterling as the UK Government seems set on a plan of borrowing their way out of the global financial crisis.

Have a good day.