Thursday, May 31, 2007

Sterling Sees Modest Strength Against Other Majors Thursday Morning, Thursday, May 31, 2007 7:32:12 AM

The sterling improved against other major currencies Thursday morning in New York. Trading took place amid the release of data showing that UK consumer credit growth slowed in April.

The sterling erased losses from the previous evening against the euro Thursday morning in New York, rising to .6795 from .6811. Markets players considered data showing that Euro Zone economic sentiment improved in May.

The pound was somewhat stronger to the dollar Thursday morning in New York, rising to 1.978 after moving around 1.975 overnight. Economic data is likely to be in focus on Thursday, with the Commerce Department scheduled to release its preliminary report on first quarter GDP. Reports on weekly jobless claims, construction spending, and Chicago-area manufacturing activity are also due to be released.

The sterling edged higher to the yen Thursday morning in New York, climbing to 240.55 from an overnight level around 240. Traders took in data showing Japanese housing starts declined 3.6% year-over-year in April.
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