Monday, April 30, 2007

Pound Varied Ahead Of Data Releases From UK, Monday, April 30, 2007 3:53:51 AM

The British currency moved varied into the early morning deals on Monday in New York. While the dollar and the yen strengthened against the pound during the very early deals on Monday, the euro and the franc weakened against it.

Though the sterling started bouncing back against the dollar and the yen at 2:30 am, those trends were reversed within half an hour. At 3:00 am ET, the pound started drifting lower against the euro and the franc too.

Mortgage approvals data for the month of March by the British Banker`s Association and GfK consumer confidence for April are the two releases expected from the British economy on Monday. The German retail sales data came out at 2:00 am ET weakened the euro across the board.

Monday`s early deals in New York saw the British currency weakening against the US dollar. The pair moved down from its midnight close of 1.9963 until reversing the trend at 2:30 am ET. At 3:00 am, the pair equaled the midnight level, but lost the ground again. As of 3:45 am ET, the pair traded at 1.9932.

The sterling held steady at 0.6835-39 against the euro after midnight, but the early deals on Monday saw the pair moving downwards. The pair that lost ground at 1:30 am ET, fetched as low as 0.6818 at 3:00 am. The pair than edged up, and was quoted at 0.6823 at 3:45 am ET.

The British currency weakened against the Japanese yen into the early deals on Monday in New York. The pair moved from 238.68 at midnight and fetched 238.05 at 2:30 am ET before changing direction. The pair lost its momentum within half an hour and was worth 238.28 at 3:45 am ET.

The British pound moved sideways against the Swiss franc into the early hours on Monday in New York. The pair gained ground at 1:40 am ET, and moving from 2.4031 it collected 2.4114 at 3:00 am ET. The sterling then dropped a few pips, and at 3:45 am ET, the pair equaled 2.4098.
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posted by Kalin Tasev @ 4:58 AM

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