The sterling had been mixed during the early Asian deals, moving sideways to the franc but upward against the euro. On the other hand, against the yen and the greenback, the pound was down in the early Tokyo deals.
The British services PMI data for June was released at 4:30 am ET, but the pound-pairs showed little reaction to the numbers. The Asian and the European sessions were rather less loaded on Wednesday, and in addition to that, the US markets remained closed on the day owing to Independence Day celebrations.
Investors are now looking forward to the rate decisions by the Bank of England and the European Central Bank expected on Thursday. While the BoE is widely anticipated to hike the official cash rate by quarter points to 5.75%, the markets expect the ECB to keep the rate on hold at 4% in July.
Although the expected moves by the central banks have been already factored in, investors will be interested to read and hear from the concerned that throw light to their future actions.
Against the greenback, the sterling strengthened in the early Tokyo deals and fetched as much as 2.0204 dollars at about 2:00 am ET. This compared to the previous day`s New York session close of 2.0166 and refreshed the multi-year high hit by the pair recently. However, the pound has shed a few pips against the dollar shortly and is now trading near 2.0175.
The Cable moved sideways against the Swiss franc during the early Asian deals on Wednesday but the pair strengthened towards the end of the session. Against the previous session close of 2.4515, the sterling collected 2.4549 francs at about 4:50 am ET but has dropped a few pips, lately. As of now, the pair has been trading near 2.4527.
Against the euro, the pound moved up in the early Tokyo deals on Wednesday but its direction was changed by about 2:00 am ET. Compared to Tuesday`s New York session close of 0.6745, the pair hit 0.6741 at 2:00 am but has weakened to 0.6750, lately. The cable remained lower against its European counterpart despite a weak May month retail sales report for the euro-zone.
The British currency moved downward against the Japanese yen during early Tokyo trading on Wednesday, but the pair reversed its direction ahead of the European deals. The downtrend made the pair touch as low as 246.53 by about 11:00 pm ET, but the rally that followed put it in strong position. Compared to the preceding day`s New York session close of 246.79, the pair has lately fetched 247.2.
Copyright © 2007 RTTNews.com. All Rights Reserved.
No comments:
Post a Comment