Friday, May 25, 2007

Sterling Mixed Against Majors Amid UK Growth Data, Friday, May 25, 2007 7:42:07 AM

The sterling was mixed against other major currencies Friday morning in New York as traders mulled over data showing the UK economy grew 0.7% sequentially in the first quarter.

The sterling rebounded from losses in the previous session against the yen Friday morning in New York, rising to 241.65 after data showed Japan`s core inflation fell at a slower pace in April, boosting expectations that the Bank of Japan will lift interest rates in coming months.

The sterling softened a bit versus the euro Friday morning, easing to .677 after moving around .676 overnight. Traders considered data showing that German import prices grew 0.5%, beating expectations for zero growth.

The pound was range-bound against the dollar Friday morning in New York with many traders getting a head start on the long Memorial Day weekend. The pair moved between 1.9845 and 1.988 ahead of a report on April existing home sales in the US. Economists expect existing home sales to come in roughly flat compared to the previous month.
Copyright © 2007 All Rights Reserved.


Post a Comment

<< Home