18 October 2002, 10:43  British Pound Falls vs Dollar on U.S. Company Profit Outlook

London, Oct. 18 (Bloomberg) -- The British pound fell to a one-month low against the dollar amid optimism U.S. company profits are rebounding, spurring demand for stocks and the currency to buy them. The pound dropped to $1.5468 at 7:30 a.m. in London, from $1.5512 last night. It was at 62.74 pence per euro from 62.58.
U.S. stocks rose for the fifth day in six as results from International Business Machines Corp., Eastman Kodak Co. and United Technologies Corp. added to evidence that third-quarter profits are exceeding forecasts. ``With Wall Street providing a reasonably positive backdrop at the moment, there's little wonder the dollar is stronger,'' said Michael Derks, a strategist at Commonwealth Bank of Australia in London.
Futures on the Nasdaq 100 and Standard & Poor's 500 indexes rose after Microsoft Corp. said first-quarter net income more than doubled, suggesting stocks will gain. //www.quote.bloomberg.com

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