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US rate cut boosts sterling

Dec 17 2008

The pound has cheered against the dollar in the wake of Tuesday's historic interest rate cut from the US Federal Reserve.

Sterling rose as high as 1.57 against the greenback as the Fed slashed rates to between 0% and 0.25% in a bid to stave off a prolonged US slump.

The currency later eased back but still stands more than 10 cents above the six-and-a-half-year low below 1.45 seen earlier this month when the Bank of England cut rates to 2% - equalling the all-time record low.

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