QUOTE(FX Expert @ Dec 5 2008, 07:18 AM)



Source: Reuters

Reuters.com



NEW YORK, Dec 4 (Reuters) - The euro rose and sterling traded off the session low against the dollar on Thursday, with investors satisfied with the aggressive easing in benchmark rates by the European Central Bank and Bank of England.



ECB President Jean-Claude Trichet, speaking after the central bank cut interest rates by 75 basis points to leave its benchmark rate at 2.5 percent, lowered euro zone growth expectations for both 2008 and 2009. Yet investors still pushed the currency higher. [ID:nWEA8073] and [ID:nL4470109].



The Bank of England cut its benchmark rate by 100 basis points to 2 percent, the lowest level since 1951, and said further steps would be required to prevent a credit squeeze tipping Britain's economy into deep recession.



Report on GBP looking strongly bullish. Recommending to buy