Tuesday, April 24, 2007

Pound Falters On Tuesday, Tuesday, April 24, 2007 2:18:06 PM

The pound stumbled against its major counterparts on Tuesday afternoon. The currency traded as the UK reported on its public sector monthly debate for March.

In trading with the euro, the sterling saw weakness on Tuesday. By the afternoon, the British currency had declined to a mark of 0.6809 against the euro. Overall, the pound is at a week and a half low.

The British pound was choppy against the dollar on Tuesday. The currency ranged between a high of 2.0033 and a low of 1.9959. On the whole, the pound continues to move near a multi-year high against the buck.

Against the yen, the British currency saw little movement on Tuesday afternoon. The pound bounced betwen a high of 237.90 and a low of 236.42. In general, the sterling is near a week and a half low against the yen.

The public sector net borrowing, the government`s preferred measure of public finances, was GBP33.6 billion in 2006/07, the lowest since 2003/04. The borrowing was with the Treasury`s target of GBP35.0 billion revealed in last month`s report. Net borrowing was higher at GBP38.billion in the previous year. The public sector net cash requirement in 2006/07 was GBP35.1 billion, while in 2005/06 it was GBP40.0 billion.
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