EUR/GBP
Posted on April 22nd, 2008 in Currency Analysis, RTT News |
British Currency Falls To New Multi-day Low Against Euro [EUR/GBP]
4/22/2008 6:56:21 AM The British currency dropped to a new multi-day low against the euro during early European deals on Tuesday. On the other hand, the pound recovered the losses it suffered in Asian trading against the other major currencies. The pound thus gained from 5-day lows against the dollar, the yen and the franc.
The pound, which closed yesterday`s trading at 0.8036 against the euro slipped to 0.8053 at 5:15 am ET. This set a new multi-day low for the pound.
Italian trade with non-EU nations showed a deficit of EUR1.21 billion in March, larger than the EUR877 million deficit registered in the previous year, the statistical office ISTAT said today. Exports grew 0.8% from the previous year to EUR12.94 billion from EUR12.84 billion in March 2007. Meanwhile, imports grew at a faster pace of 3.2% to EUR14.16 billion.
The pound is now worth 2.0056 against the franc and 205.21 versus the yen, strengthened from 5-day lows of 1.9931 and 203.42 hit respectively earlier today. The pound-franc pair closed yesterday`s trading at 1.9985 and the pound-yen pair at 204.55.
Switzerland`s trade surplus stood at CHF1.25 billion in March, beating market forecast of CHF0.70 billion surplus, a report from the Federal Customs Administration showed today. Exports rose 6.7% year-on-year in real terms, while imports grew 4.7%. Switzerland recorded a trade surplus of CHF3.8 billion for the first quarter of 2008.
At about 6:30 am ET, the pound-dollar pair reached 1.9871, moving up from a 5-day low of 1.9748 hit at 2:45 am ET. The pair was worth 1.9805 at Monday`s North American close.
Investors now look forward to the US existing home sales for March and the Richmond Fed manufacturing index for April, which are expected in the upcoming hours.
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