Sterling Strengthens Against Major Counterparts, Wednesday, June 20, 2007 2:17:22 PM
The sterling advanced against each of its major counterparts Wednesday in New York. The pound extended a multi-year high against the yen while climbing to a three-and-a-half month high against the euro. Meanwhile, the pound also climbed to a two-week high against the dollar. Traders mulled the minutes from the most recent Bank of England meeting, which showed that its members were split on keeping the key interest rate unchanged.The sterling climbed to a two-week high against the dollar on Wednesday in New York. The sterling gained sharply at around 5 am ET. The British currency advanced to an intraday high of 1.9945 at 1:50 pm. This is compared to an intraday low of 1.9869 at 12:10 am. Greenback traders looked ahead to Thursday`s release of the Philadelphia Fed Index.
The pound reached its highest mark since early March against the euro on Wednesday in New York. The British currency rose sharply at around 4 am ET and continued to edge higher for the rest of the morning and early afternoon. At 2 pm, the sterling was at an intraday high of 0.6727. This is compared to an intraday low of 0.6756 at midnight. Traders mulled data showing that German producer prices rose higher-than-expected in May.
The sterling extended its multi-year high on the Japanese yen on Wednesday in New York. The pound gained sharply at around 4 am ET and continued to rise in the late morning. At 2:09 pm, the sterling fetched a mark of 246.55 against its Japanese counterpart. This is compared to an intraday low of 244.70 at 3:20 am. The sterling originally reached its 15-year high against the yen last week. The Bank of England`s nine-member strong Monetary Policy Committee stood divided while deciding to hold the key interest rate earlier in the month, the minutes of the session, released Wednesday, indicated. The minutes showed that five policy makers voted in favor of the proposition to hold the official bank rate at a six-year high of 5.5% in June, while four members voted against, seeking a quarter-point hike. The June rate-setting session was held on June 6 and 7.
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posted by Kalin Tasev @ 11:29 AM
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