Sterling Loses Steam On Friday Against World Counterparts, Friday, July 27, 2007 2:25:30 PM
The British currency was weak in trading against its world counterparts on Friday afternoon in New York. The sterling moved as little economic news was released from the region.In trading against the euro on Friday, the British currency saw weakness headed into the afternoon action. The sterling dropped steadily to a mark of 0.6732. In general, the British currency is near a week and a half low against its European counterpart.
The sterling saw weakness against its American counterpart in trading on Friday afternoon. The British currency fell steadily through the day to a mark of 2.0274. On the whole, the British sterling is near a three week low against the American dollar.
Versus the yen on Friday, the British currency saw weakness through trading. By the mid afternoon, the British sterling had dropped to a mark of 240.87. Overall, the pound is near a seven week low against its Japanese counterpart.
In the week ahead, the BoE will be meeting. Danske Banke analysts stated that a change in interest rates looks unlikely. The official inflation report will be released on August 8th. Analysts note that the effects of the higher British interest rates have in fact become more apparent in recent weeks, with the various measures of house prices all rising less than expected, although the price growth of 10% still has to be considered as very strong according to Dankse Banke. Economic growth also looks solid, according to analysts. Danske Bank holds that the BoE will raise rates one last time to 6.0% in the autumn.
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posted by Kalin Tasev @ 1:53 PM
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