Market recovery boosts interbank lending

The Ted spread, which tracks the difference between three-month Libor and US Treasury bills, fell today, reaching 2.61% at 1130 GMT today from 2.75% at close of trading yesterday.

In the overnight markets, US dollar borrowing costs dropped to 1.23% from 1.27% yesterday. Sterling fell to 4.79% from 4.81% while euro rates decreased slightly to 3.54% from 3.56%.

Three-month dollar Libor fell from 3.5% to 3.46%, while the euro dropped to 4.85% from 4.91% and sterling moved from 5.95% to 5.94%.

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