Sterling tops DM3 barrier

Friday 19 June 1998 23:02 BST

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RENEWED INTEREST ratefears briefly pushed sterling over the psychologically important DM3 barrier. The pound touched DM3.002 after the London markets closed on Thursday evening, and hit DM3.001 yesterday.

However, sterling lost some ground against the German mark in late trading, closing at DM2.987, slightly down on the day.

Traders said fears of a rates hike were fuelled by hawkish remarks made late Thursday by Eddie George, Governor of the Bank of England. Mr George told MPs the growth rate of domestic demand was not sustainable, and that he saw little risk of deflation in the UK.

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