Tuesday, May 29, 2007

Pound Falls Against Dollar And Euro; Up On Yen, Tuesday, May 29, 2007 12:03:23 PM

The British pound was down against the dollar and euro, but up against the yen. Trading took place amid the release of data showing that UK loan approvals for house purchases fell in April.

The pound climbed to its highest level against the yen in three and a half months on Tuesday morning in New York. The British currency climbed sharply for about two hours, beginning at around 3 a.m. ET. It remained near the high for the rest of the morning and touched a daily best of 241.52 at 8:30 a.m. ET.

The sterling slipped against the euro in early-morning trading Tuesday in New York. The British currency fell beginning at around 5 a.m. ET. It stabilized for a few hours starting at around 8 a.m., touching a 6-day high of 0.6807 at 10 a.m. ET.

The sterling dropped against the dollar late on Tuesday morning in New York. The sterling gained to 1.9897, its highest level in nearly three weeks. The sterling began sharply shortly after that, however, pushed by strong consumer confidence data in the U.S. The pair traded at 1.9811 by noon ET.
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