British Pound Mixed In Trading Against Majors During European Session On Monday, Monday, July 23, 2007 6:26:27 AM
The British Pound showed a mixed performance against its major counterparts during the European session on Monday. While the Pound traded higher versus the Euro and the Swiss Franc, it gave back the previous session`s gain against the dollar. On the other hand, the Pound showed a choppy trend versus the Yen.During the Asian deals, the Pound ticked up versus the dollar and the Euro. The uptrend helped the Pound to fetch the new multi-year high of 2.0605. However, the Pound dropped versus the Yen, but it moved sideways against the Swiss Franc.
The British Rightmove house prices data for July released at 7:01 pm ET on Sunday is likely to have influenced the major Pound pairs. According to the latest Rightmove survey results, the UK house prices rose slower in July.
No major key economic data is expected from the U.S. economy during the North American session of the day.
The British currency gained ground versus the U.S. dollar in the Asian deals on Monday. The uptrend helped the Cable to collect the new multi-year high of 2.0605 at 2:05 am Eastern Time. Soon after, the pair gave back the gains and fetched 2.0566 as of 6:25 am ET.
In the early Asian deals on Monday, the U.K.`s Sterling trended higher against the Euro . However, at about 10:45 pm ET Sunday, the Sterling shed a few pips and then traded sideways. But the Sterling steadied higher again during the early European session and traded at 0.6713 as of 6:25 am Eastern Time.
The British Pound edged lower versus the Japanese Yen during the early Asian session on Monday. The pair touched as low as 248.53 by about 9:30 pm ET Sunday and then showed a choppy trend. The Pound extended the same trend in the early European session, but it has been trading slightly higher of late. As of 6:25 am Eastern Time, the pair fetched 249.42.
Against the Swiss Franc, the U.K.`s Cable moved sideways in the Tokyo deals on Monday. But the pair ticked up at the end of the session and carried over its uptrend in the early European session. As of 6:25 am Eastern Time, the pair traded at 2.4769.
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posted by Kalin Tasev @ 4:20 AM
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