Pound Mixed Amid Release Of Data From BoE Meeting, Wednesday, April 18, 2007 12:07:20 PM
The British pound was mixed in trading against the other majors on Wednesday amid the release of the minutes from the last Bank of England meeting and averages earnings in the UK. The sterling reached a 26-year high against the dollar and was stable against the euro. The pound, however, weakened against the yen.The sterling and euro remained generally range-bound on Wednesday morning in New York. The pound reached as high as 0.6753 at 4:30 a.m. and fell as low as 0.6777 at 7:45 a.m. The pair has been generally range bound for about a month.
The pound remained near a 26-year high in trading with the dollar on Wednesday morning in New York. The sterling continued its recent rise against the greenback until it hit 2.0131 at 4:30 am Eastern Time, its highest level since 1981. The sterling fell from the high and got as low as 2.0016 at around 8:30 a.m. But the pound gained again shortly after and was at 2.0043 at 11:30 a.m.
The sterling was stable against the yen in late-morning trading after falling earlier in the day. Trading was level until a little after 7 a.m. ET when the pound fell sharply. Trading was sideways from about 8 a.m. for the rest of the New York morning and the pair traded at 236.81 at 11:30 a.m.
The minutes of the April Monetary Policy Committee meeting of the Bank of England released Wednesday indicated that the committee voted 7-2 to maintain interest rates at 5.25%. The dissenting members had called for a 25-basis point increase in interest rates to 5.50%. With consumer price inflation going beyond bounds, the split decision almost seals the fate of the decision of the May meeting.
A report released by the National Statistical Office of the U.K. revealed that the U.K.`s jobless claims declined by 9,200 in March. Average earnings increased 4.6% in the 12 months ended February compared to a 4.2% increase in January.
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posted by Kalin Tasev @ 9:23 AM
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