Sterling Liquidity Just Keeps Fading Arid Conditions Prevail In New York
BANKS
Ever since Britain joined the Exchange Rate Mechanism, people have been complaining about the decline of liquidity in sterling. As the currency started tracking the Deutsche mark more closely, sterling volatility and hence interest in it, receded. But of late, laments about sterling liquidity appear to be getting louder, particularly in the New York market, where afternoon trading has become increasingly dire, foreign exchange officials surveyed say. Even in London, a recent survey shows most
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