Pound Varied Early Tuesday Ahead Of Data, Tuesday, April 17, 2007 3:46:34 AM
The British currency showed mixed trading during the small hours on Tuesday in New York. The sterling saw uncertainty against the Swiss franc but strength against the euro and the buck. It was however, weak to the Japanese yen influenced by the inflation data from Japan. The Pound reversed its upward trend against the European and the US counterparts at about 2:30 am ET. Uncertainty marked the trading in sterling-franc pair ahead of the Swiss retail sales data for February, which was scheduled to be released at 3:15 am ET.The market is now waiting for the British CPI and RPI inflation figures expected at 4:30 am ET. Inflation at the producer`s levels hit numbers far higher-than-expected on Monday and subsequently, the sterling traded at record high against its US counterpart. The British currency is also holding multi-week high against the Japanese yen presently.
The British currency held steady at 1.9896-902 against the US dollar around midnight but gained ground at 12:55 am ET on Tuesday. At 2:30 am ET, after hitting as high as 1.9930, the sterling reversed its direction and the pair equaled 1.9910 as of 3:30 am ET. Following the British data, various key US economic releases are expected in the North American session of the day.
The pound moved sideways against the European currency after midnight ranging between 0.6800 and 0.6807. At 1:15 am ET on Tuesday, the sterling started trading higher versus the euro and the pair hit as low as 0.6794 at 2:30 am ET. The British currency moved downwards after that and the pair was quoted at 0.6800 as of 3:30 am ET. It will bet the German and the euro-zone ZEW economic sentiment for April, which is expected shortly after the British data going to receive the market`s attention.
The British currency moved range-bound against the Japanese yen early Tuesday ahead of the Japanese inflation data. The pair lost ground shortly after the Japanese CPI release, the sterling weakened against the yen and coming off 238.11, the pair was worth 237.33 as of 3:30 am ET. The Japanese consumer confidence index, excluding one-person households fell to 46.8 in March from 48.4 in February.
Around midnight, the British currency remained slightly lower against the Swiss franc but at 12:55 am ET, from 2.4128, the pair started trending higher. At 2:10 am, after hitting as high as 2.4166, the cable moved southwards but regained the momentum amid the Swiss retail sales data. As of 3:30 am ET, the pair traded at 2.4147. The Swiss retail sales in real terms rose 4.5% annually in February while the economists were looking for an annual growth of 4.0%.
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posted by Kalin Tasev @ 1:53 AM
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