DEALERS WARY OVER STERLING INTERVENTION RUMOUR
Foreign exchange market rumours that the
the Bank of England has been selling sterling to halt its rise
prompted a wary response from dealers who said they saw no
obvious confirmation, market sources said.
    Bank of England officials were not immediately available
for comment. Earlier this week, the Bank sanctioned a cut in
bank interest rates in a surprise move, which aimed at limiting
sterling's rise ahead of the March 17 budget.
    But today the pound has strengthened to 72.7 on its
trade-weighted index from 72.1 last night, though the U.K.
Currency is below its day's high against the dollar.
 REUTER
