Published at 02:32 (GMT) 23 Sep
Guardian: Tesco has been plunged deeper into crisis after it was forced to suspend 4 senior executives and call in investigators following the discovery that its profits had been artificially inflated by £250m.
More than £2bn was wiped off the value of Britain's biggest retailer on Monday after its new chief executive told the City that forensic accountants and lawyers had been drafted in to scrutinise its books in the wake of a warning from a whistleblower that payments from suppliers were being misbooked and business costs were being glossed over. Tesco said the changes had misleadingly boosted profits by £250m in the first six months of the year.
On FX, some focus on the above Tesco news. Good to watch for any further news on UK corporates. GBP/USD at 1.6378-80, little impact on FX, though focus on shares of the firm and other corporates. GBP/USD edging back up, with focus turning to less dovish BoE stance now that Scotland vote is over. Offers at 1.6400-10, bids at 1.6300-20. UK corporates, real money, Asia demand on dips. Funds offers on rallies.
EUR/GBP at 0.7846-48, looking offered given dovish ECB, vs less dovish BoE. Offers at 0.7890-00. eye test of 2-year lows of 0.7805-10 again. Then break of 0.7800. WL
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