Pound Mixed Against Major Counterparts, Thursday, August 09, 2007 4:35:50 PM

The British pound saw strength against the dollar and euro on Thursday in New York, but was weaker against the yen. Traders considered data showing that the UK trade deficit had narrowed to 3.6 billion pounds in June.

The pound continued to rise against the euro and hit a six-day high. The British currency advanced sharply at around 8:30 a.m. to rise above a range. It got as high as 0.6746 at 10:30 a.m. ET. The euro bounced back against the sterling in the afternoon and the pair traded at 0.6758 at 3:40 p.m. ET. In general, the sterling has been rising against the euro since Tuesday morning.

The sterling dropped against the U.S. dollar on Thursday in New York to give back gains from Wednesday. The pound began to fall early Thursday morning and continued to do so until about 9:15 a.m. ET when it touched a daily low of 2.0209. It bounced back to recoup about half of its daily losses, but then slipped back in the afternoon. The currencies were at 2.02134 at 3:50 p.m. ET.

The pound fell against the yen on Thursday in New York. The British currency moved lower against the Japanese currency for several hours, hitting as low as 239.01 at 9 a.m. ET. It bounced back in the late morning, but then bounced back to its support level in the late afternoon. The drop took the sterling away from the two-week high it reached on Wednesday.

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