hursday, April 26, 2007 4:15:53 PM - The British pound was generally weaker against the other majors on Thursday morning in New York. The sterling saw a five-week low against the euro and a nine-day low against the dollar. The pound gained slightly on the yen. UK house price inflation nearly doubled in the month of April, a survey indicated Thursday, cementing expectations of a Bank of England interest rate hike in May.
The pound dropped to a nine-day low against the dollar during Thursday trading in New York. In the early morning, the sterling fell away from a weekly high against the dollar, which hovered above a 26-year high seen last week. The sterling began to trend down at around 3 a.m. ET and reached as high as 1.9922 at 10 a.m. ET. Trading was flat in the afternoon and the pair was at 1.9910 at 3:45 p.m. ET.
The sterling fell to a five-week low against the euro on Thursday. The British currency began to slip at around 3 a.m. and reached as low as 0.6834 at around 10:45 a.m. Before the rally, the pair had been range bound for about a day and a half.
The pound was up slightly with the yen during choppy trading within a week-long trading range. The sterling climbed to the top of the range early in the morning before falling back towards the bottom shortly after. The sterling climbed to as high as 238.49 at 5:30 a.m. ET before falling off. The pair was at 238.14 at 4 p.m.
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