Ted spread falls further

As of 1530 BST, the Ted spread, which tracks the difference between three-month Libor and US Treasury bills, fell to 3.16% from 3.63% on Friday. Used as a measure of perceived counterparty risk, the Ted spread peaked at 4.64% on October 13, compared with 1.11% at the beginning of September.

Three-month dollar Libor decreased from 4.42% to 4.06%, euro fell from 5.02% to 4.99% and sterling dropped from 6.16% to 6.12%.

The US dollar fared best in the overnight markets, as borrowing costs droppe

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