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Sterling cools after hitting $2.09 Reuters Sterling ticked down slightly on Monday against a dollar recovering from credit jitters, but remained near 26-year highs in expectation of the Bank of England keeping interest rates on hold on Thursday. The British currency weakened slightly after rising above the $2.09 mark briefly on Friday as U.S. investor sentiment continued to be weighed down by fears of major losses at financial firms from credit market turmoil.
"What we're seeing today is a very modest correction," said Neil Mellor, currency strategist at Bank of New York Mellon. "For the moment the market has been guided by concerns over what's happening on the credit front. People are worries that it could just be the tip of the iceberg." "We'll probably see a bounce-back (in sterling) over the day, and fresh highs," he added.
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