Pound Generally Strong During Early Friday Deals Ahead Of US Releases
Friday, February 02, 2007 8:27:24 AM - British pound generally showed strength, early trading New York Friday. GBP was either uncertain or lower to many majors until about 3:30 am and after that the England currency was gaining ground over the counterparts. However, to the Swiss franc, cable was sideways along a wide range until recently and after that, sterling gathered an upper hand over the CHF. Amid the British construction PMI numbers released at 4:30 am ET, GBP was slightly higher or uncertain to its counterparts.
Cable slid against the greenback during the small morning of Friday and pair hit its session’s low at 1.9642 as of 3:20 am ET. Sterling then rose against its US counterpart but held steady for about a couple of hours since 4:00 am. After that, GBP made some more advantages and entered a higher range which has been continued since 6:30 am to this moment. Range is reading 1.9681-93 as of now. Market is now waiting for the US data expected shortly after.
To the European currency, sterling steadied higher since 3:35 am ET. Pair that fetched 0.6627 at that time is worth 0.6616 as of now. The recent deals in the pair came amid British January construction PMI and Euro-zone December PPI data.
Sterling rallied against the Japanese currency early trading Friday in New York. At about 3:20 am ET, pair was worth 237.33 and this strengthened to 238.38 by about 7:40 am ET. Pound then edged lower but has come back lately again. As of 8:25 am ET, GBP versus JPY collected 238.44.
After a brief trend lower, GBP/CHF moved sideways in a loose range early Friday in New York. Pair that bounced around between 2.4428 and 2.4460 during this session made a few advances lately and was worth 2.4463 as of 8:25 am ET. British data came out at 4:30 is likely showed little price effect on the pair.