Cable Down Generally Ahead Of Services PMI

Cable Down Generally Ahead Of Services PMI

Monday, February 05, 2007 4:27:47 AM - The British currency showed weakness generally early Monday. It was higher against the greenback initially but has been giving back those gains lately as the market is nearing data. Traders are now waiting for British services PMI data for January which is slated for 4:30 am ET.

After the uncertainty that marked the couple of hours before Sunday midnight, GBP/USD traded lower and collected as low as 1.9629 by about 1:10 am Monday. After that, pair changed the direction traded higher. By about 3:30 am ET, from 1.9667, pair lost ground again and was worth 1.9629 as of 4:20 am ET.

Sterling is lower against its European counterpart early trading New York Monday. From the day’s open of 0.6589, pair edged higher but held a sideways trend largely for the first couple of hours. After that, cable shed a few more points against the euro, reversed some of them soon after but now again, ticking up. As of 4:20 am ET, EUR/GBP collected 0.6595.

Into the small morning deals of Monday, cable traded lower against the Japanese currency in New York. At 1:00 am ET, sterling made a few advances but within an hour dropped the gains. After that, GBP/JPY moved sideways in a loose range but has been drifting lower as of now. The pair fetched 236.80 as of 4:20 am ET. This is a 4-day low for the cable.

Against the Swiss currency, pound was lower early Monday ahead of data. Pair that collected its small morning high at 2.4548 by about 1:45 am, weakened to 2.4507 within an hour but after edging higher from that entered a range thereafter. As of 4:20 am ET, pair quoted 2.4522. Largely speaking, GBP/CHF has been moving sideways near the three-day high fetched early Friday, since then.