Pound Rises Against Major Counterparts, Wednesday, August 29, 2007 4:07:23 PM

The British pound saw strength against the other majors on Wednesday in New York. The pound reached its highest level in a few days against the dollar, euro and yen and was rising in the afternoon looking to extend those highs. There was no major economic news planned for the UK on Wednesday.

The sterling rose towards resistance marking a 19-day high on Wednesday in New York. The pound rose starting on Tuesday night to pull away from a five-day low and got as high as 2.0179 in the late morning. It bounced off of that but the rallied again to test the resistance again in the later afternoon. If the sterling can get past the 2.0188 mark it would reach its highest level since August 10.

Meanwhile, the sterling touched a six-day high of 0.6768 at 5:45 a.m. ET. It cooled slightly for the rest of the morning before leveling off in the afternoon. The sterling also posted sharp gains against the yen in the late afternoon and reached a three-day high of 234.27. It began to rally on Tuesday night, moving away from a weekly low.

There was no major economic news out of the UK on Wednesday, but several reports are due Thursday. Scheduled for release will be the M4 money supply for July, mortgage approvals for July, CBI industrial product prices for July and Nationwide House price data for August. On Friday, the GfK consumer confidence survey results will be revealed.

Yen investors are looking ahead to the release of Japanese retail sales figures late Wednesday evening. Traders are also looking ahead Thursday, which will bring the release of retail PMI data in the Euro zone and GDP data in the U.S.

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