Pound Mixed Ahead Of North American Deals Tuesday, Tuesday, July 03, 2007 5:57:52 AM
The British pound showed varied performance during the Asian and European session on Tuesday. Toward the end of the European deals, the sterling stood little changed against the US and Japanese counterparts from their Monday`s New York session closes. On the other hand, the sterling moved upward against the euro and the franc.Deals in the pound-pairs came amid a lack of data from the British economy. The immediate fundamental expected from the U.K is the ‘Nationwide` consumer confidence data for June, which has been slated for release at 7:01 pm ET, today. The index is anticipated to hit 97 this time compared to the 99, hit in May.
Largely, the cable has been reversing its losses incurred against the Swiss currency on Monday with the recent advancements. Against the US currency, the pound has been moving in 2 dollar-region since 25th June.
In the early Tokyo deals, the pound-dollar pair refreshed its recent multi-year high by touching 2.0193. However, the pair dropped off shortly and has been now trading near its previous day`s close of 2.017.
Later on the day, US pending home sales and factory orders data for May are expected, which will be scrutinized by the markets. It will help investors to decide their strategies ahead of next FOMC rate revision.
The pound rallied against the franc in the Asian and European deals on Tuesday. Against the previous day`s close of 2.4420, the pair has been now trading near 2.4520. By virtue of the surge, the sterling has reversed much of its losses incurred on Monday. The Swiss CPI data for June was released earlier in the morning with the index hitting a number lower than expected.
Against the euro, the sterling moved sideways in the Tokyo deals on Tuesday but moved upwards in the European session. Compared to Monday`s New York session close of 0.6750, the pair has lately fetched 0.6742. The euro-zone PPI and unemployment data for May were released a short while ago, which are likely to have affected the deals.
The British pound saw choppy trading against the Japanese yen in the Asian deals on Tuesday, but the pair strengthened in the next session. Compared to the preceding day`s New York session close of 246.73, the pair touched as high as 247.58 toward the end of the Tokyo session. However, the cable gave back its gain shortly and is now trading near 246.7 yen.
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posted by Kalin Tasev @ 4:13 AM
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