The overnight rates are done in slightly thicker lines so you can see them more easily. UKP, sterling is in green, if you follow the thicker green line you can see steep drops every time the bank of England changes its interest rate. As of a week ago the overnight LIBOR rate for UKP was exactly 0.6%, a click under the rate for the Euro, which for the past year sterling has been just above. Ah well.
It'll be interesting to see what effect the Budget announced last Wednesday will have on LIBOR rates, if any.
Kind of scary that the Swiss Franc has fallen to below Japanese levels. I wonder what that means for the mass exodus of >£150,000 earners from UK to Switzerland that some economics commentators are predicting. Work aboard, but keep your money in UK banks?
For those of you know don't know what LIBOR is, lets look at wikipedia for a few seconds
The London Interbank Offered Rate (or LIBOR) is a daily reference rate based on the interest rates at which banks borrow unsecured funds from other banks in the London wholesale money market (or interbank market)I get my figures from the BBA website, here.