Bank of England Governor King just wound up his testimony to Parliament’s Treasury committee. He told MP’s to expect letters on quantitative easing. Avoiding full nationalization of the banks has great merit, he says while authorities are still looking at the notion of a good bank/bad bank structure.
Cable has bounced back strongly from earlier weakness, now trading at 1.4270. Earlier, RBS announced a GBP 24 bln loss, undermining shares and the pound.
