Thursday, June 28, 2007

Sterling Up Slightly Versus Other Majors, Thursday, June 28, 2007 12:09:09 PM

The British pound saw a little strength in trading against the other majors on Thursday in New York. The sterling advanced in the early part of the day and held those gains throughout the morning. Traders considered data showing house prices in the UK increased 11.1% annually and 1.1% on the month in June.

The sterling was up against the euro on Thursday in New York. The sterling fell late Wednesday night, but got back those losses and more with an early morning rise on Thursday. The pound trended down slightly before stabilizing by about 5 a.m. The currencies traded at 0.6724 at 11:20 a.m. ET. On the economic front in the euro zone, Italian consumer prices rose 0.2% in June and wholesale turnover in Germany declined at an annual rate of 1.8% in real terms.

The pound gained against the dollar on Thursday in New York. The sterling saw strength in the early morning until around 2 a.m. The sterling edged a little lower throughout the rest of the morning but kept most of its earlier gains. The currencies traded at 2.0019 at 11:45 a.m. ET. Traders considered a report from the Commerce Department showed that first quarter GDP growth was revised up to 0.7 percent but still marked the slowest pace of growth in over four years. Greenback traders are also awaiting the afternoon`s release of the interest rates, which are expected to remain at 5.25%.

The sterling was slightly up on the yen on Thursday in New York, holding gains from an early-morning rise. The pound advanced at around 2 a.m. ET before stabilizing. Trading was generally sideways from there. The currencies traded at 246.21 at noon ET. Traders considered a preliminary report released by Japan`s Ministry of Finance that showed industrial production declined 0.4% in May. However, industrial production rose 3.7% from the previous year.
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