Dollar Funding Costs Fall to Two-Week Low in Euro Money Market
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The cost for European banks to borrow in dollars fell for the second day to the lowest in more than two weeks, according to a money-markets indicator.
The three-month cross-currency basis swap, the rate banks pay to convert euro interest payments into dollars, was 23 basis points below the euro interbank offered rate at 8:25 a.m. in London, from minus 24 yesterday, data compiled by Bloomberg show. The measure is the lowest since Oct. 5.