Friday, May 25, 2007

Pound Mixed Against Major Counterparts In European Session, Friday, May 25, 2007 6:24:05 AM

The British currency showed mixed trading against its major counterparts during early New York trading on Friday. The pound showed strength against the yen, but it weakened against the euro and the franc in the session. Against the US dollar, the sterling stood little changed in the European session.

Various European releases including German GfK consumer confidence data marked the very early deals on the day followed by the British data, which was released at 4:30 am ET. Investors are now looking forward to the N.A.R. existing home sales data from the U.S, which is scheduled to be released at 10:00 am ET.

The pound strengthened against the US dollar during very early New York trading on Friday. The pair thus collected its session`s high at 1.9881 by about 3:05 am, and then it moved in the opposite direction. Of late, the pair has been moving sideways between 1.9845 and 1.9865.

The sterling showed directionless trading against the euro during very early New York trading on Friday. By about 3:00 am ET, the pair gained ground and fetched as high as 0.6772 as of 4:25 am ET. Various British economic releases that struck the market at 4:30 am weakened the euro slightly, and of late, the pair has been trading near 0.6766.

The British pound rallied against the Japanese yen in the very early New York deals on Friday, and the pair collected its early morning high at 241.42 by about 3:05 am ET. The sterling then moved downwards, but regained its momentum shortly before the data releases at 4:30 am ET. Of late, the sterling has been trading near 241.1 yen.

The cable strengthened slightly against the Swiss franc during very early New York trading on Friday, but the pair lost ground at about 2:50 am ET. Falling from 2.4417, the pair equaled as low s 2.4343 by about 4:05 am and then it trended slightly upwards. As of 6:15 am ET, the pound collected 2.4376 francs.
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