British Currency Moves Little Against Majors On Tuesday Afternoon, Tuesday, July 24, 2007 2:11:53 PM

The British currency moved little against its counterpart in trading on Tuesday mid afternoon in New York. The pound moved as data was released regarding growth in demand for UK manufactured goods.

The sterling saw little movement against the dollar in trading on Tuesday. As action moved into the mid afternoon, the cable bounced between a high of 2.0647 and a low of 2.0596. Overall, the British currency is at a multi-year high versus the greenback.

The British currency moved little against its European counterpart in action on Tuesday. By the mid afternoon, the pound had held between a low of 0.6710 and a high of 0.6690. On the whole, the British mark is at its highest point against the European currency since February.

In trading against the yen on Tuesday, the British currency saw uncertain direction into the mid afternoon. The sterling bounced between a high of 249.35 and a low of 248.49 as trading progressed. In general, the British pound is near a weekly low versus the Japanese currency.

Growth in demand for UK manufactured good remain firm, despite a slight slow down. The order book balance fell to minus 6% in July from plus 8% in June. In May, the balance was plus 5%, while in April, it stood at plus 2%.

Copyright © 2007 RTTNews.com. All Rights Reserved.