Friday, April 27, 2007

Pound Lower Across The Board Early Friday In New York, Friday, April 27, 2007 4:01:16 AM

The British currency weakened across the board during the very early deals on Friday in New York. This came amid a lack of data from the British economy, but amid a slew of releases from France. During the session, the Bank of Japan decided its uncollateralized overnight call rate for April, leaving it unchanged at 0.5%.

The UK car production data for the three months to march is expected at 4:30 am ET. Annualized reports of the US gross domestic production and the personal consumption in the first quarter of 2007 are released later in the morning, which will be closely watched by investors.

The British pound lost ground against the US dollar at midnight. Moving from 1.9926 the pair fetched 1.9865 by about 3:00 am ET. The sterling then picked up a few pips, and it was equal to 1.9887 at 3:55 am ET.

The British currency lost ground against the euro at midnight, and the pair moved from 0.6827 to 0.6835 by about 1:15 am ET. These losses were reversed through the next thirty minutes, but after that, the cable weakened against its European counterpart. At 3:00 am ET, the euro hit as high as 0.6846 of a pound. The pair was down thereafter, and it fetched 0.6838 at 3:55 am.

The British currency weakened heavily against the Japanese yen during the very early Friday in New York. Losing ground at 12:10 am the pair moved from 238.30 to 237.44 by about 3:55 am ET.

The pound saw uncertainty against the franc after midnight, but the pair lost momentum at 1:45 am ET on Friday. Falling from 2.4074 the sterling collected 2.4019 francs at 3:55 am ET.
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