Interbank lending eases further

In the overnight markets, US dollar borrowing costs dropped from 1.94% to 1.67% yesterday, euro rates decreased from 3.75% to 3.07, and sterling fell from 5.18% to 4.69%.

Three-month dollar Libor decreased from 4.50% to 4.42%, euro moved from 5.08% to 5.02% and sterling dropped from 6.18% to 6.16%.

The Ted spread, which tracks the difference between three-month Libor and US Treasury bills, fell to 3.99% as of 1150 BST from 4.08% yesterday. Used as a measure of perceived counterparty risk, th

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