Euro Falls To 1-week Low Against Sterling Amid BoE Minutes,Wednesday, June 20, 2007 6:01:56 AM

The euro moved up against the sterling in the early Asian deals on Wednesday and the pair collected as high as 0.6758 as the session`s high. However, towards the end of the session, the pair started drifting lower, and shortly after the release of the German May factory PPI data, it traded near the previous day`s close of 0.6750. However, the pair edged higher amid the Swiss data followed, but lost heavily shortly, as the Bank of England released the minutes of its recent monetary policy board meeting. The minutes showed that the members decided to hold the rate at 5.5% in the last meeting with the lowest possible majority, and this raised speculations of a rate hike as early as in the next meeting. As of now, the pair has been stabilizing near 0.673, which is a one-week low for the pair. Further downwards, 0.6728 can be a target for the euro in the near term.

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