Foreign Exchange

From the comments at Guido Fawkes today, not sure if true but thought it was worth passing on:

"The pound is being hammered against cable and the euro in those money markets that are open today. I suspect the Bank of England is intervening by buying sterling as the rate is fluctuating in a fairly bizarre way but the underlying direction for the pound is strongly down. and now stands at 1.36 against the euro.

A big sterling crisis looks imminent which may force the Bank into an emergency interest rate rise of at least 2 to 3% if they want to avoid it falling to $1.75 and €1.25

Gordon Brown must be crapping himself this afternoon."