Strain eases on interbank lending

In the overnight markets, US dollar borrowing costs moved to 2.13% from 2.19% yesterday, euro rates dropped to 3.74% from 3.75% and sterling decreased from 5.42% to 5.37%.

Three-month dollar Libor dropped from 4.63% to 4.55%, euro moved from 5.22% to 5.17% and sterling fell from 6.25% to 6.21%.

The Ted spread, which tracks the difference between three-month Libor and US Treasury bills, dropped to 4.2% at 1200 BST today from 4.4% yesterday. Used as a measure of perceived counterparty risk, th

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