Sterling Hits 5-week Low Versus Dollar But Gains On Yen Thursday Morning, Thursday, May 17, 2007 7:39:05 AM

The sterling was mixed against other majors Thursday morning in New York, falling to a 5-week low versus the dollar but gaining ground on the yen. Traders considered data from the UK showing housing starts fell 9% on year in the first quarter.

The sterling dropped to a five-week low against the dollar Thursday morning in New York, falling to 1.9755 ahead of the mid-morning release of weekly jobless claims data from the US.

The sterling climbed to a one-week high of 239.50 against the yen Thursday morning in New York after the Bank of Japan elected to maintain its key interest rates at 0.50%.

Choppy trading against the euro left the sterling little changed at .6838 Thursday morning in New York. Trading took place ahead of today`s European Central Bank report for May.

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