Sterling Extends Recent Losses To Other Majors
Friday, February 16, 2007 8:07:57 AM - The pound remained on the defensive against other major currencies Friday morning in New York, falling to multi-week lows against the euro and yen. No major economic data are expected from the UK, which posted disappointing retail sales numbers Thursday.
The pound continued to show weakness against its European counterpart Friday in New York, falling to a 6-week low of .6739 in the small hours of the morning. The pair was little changed as of 8:00 am Eastern. Trading took place amid the release of German consumer price data in the small hours of the morning.
The sterling fell sharply to the greenback in early trading Friday in New York, touching a low of 1.9474 before stabilizing somewhat. The pound fetched 1.9492 as of 8:00 am Eastern Time. Trading took place in anticipation of US January PPI data and housing starts figures, which are expected Friday morning.
The sterling saw a steady retreat against the yen Friday morning in New York, extending Thursday’s decline. The pound fell to over a 5-week high of 232.21 at 7:00 am Eastern, after trading in a range around 233.15 overnight. The yen gained to other majors Thursday on the heels of better than expected fourth quarter growth data. No major economic data are due from the Japanese Friday.