WSJ:Money-Market Dollar Funding Costs Extend, Push Toward 3-Year High
LONDON (Dow Jones)--A key money-market indicator showed dollar-funding pressures intensifying further Thursday, with the cost of swapping euro funds into dollars on the cusp of touching a high last seen Dec. 1, 2008, at the height of the global financial crisis.
The so-called 3-month euro-dollar cross-currency basis swap fell to a three-year low of minus 142.5 basis points, before easing to minus 141.1 basis points, interdealer broker ICAP [IAP.LN] said.
"We started moving south after yesterday's [poorly received German] bund auction and we've opened up today in the same vein," ICAP strategist Chris Clark said.
-By William Kemble-Diaz, Dow Jones Newswires; 44-20-7842-9347; william.kemble-diaz@dowjones.com
