Pound Rises To 6-day High Against Euro [EUR/GBP]
4/14/2008 3:07:36 AM In early deals on Monday, the British currency strengthened to a 6-day high against the euro. The pound also gained versus the dollar, but it weakened slightly against the yen and the franc.

The British producer price index and the Euro-zone industrial production reports are expected during the upcoming hours.

The pound that closed Friday`s trading at 0.8032 against the euro climbed to 0.7966 by about 12:40 am ET Monday. This set a 6-day high for the pound. The pound then weakened slightly and the pair is now worth 0.7994.

The pound fetched 1.9746 against the dollar at 2:30 am ET Monday, up from last week`s close of 1.9721.

At about 2:55 am ET, the pound touched a low of 198.49 versus the yen, compared to 199.02 hit late Friday in New York.

While uncertainty over the state of the global economy remains high, the Bank of Japan`s policy board agreed that its basic thinking on monetary policy remained unchanged, according to the minutes from the central bank`s March 6 and 7 policy meeting that were made public today morning.

The members of the board of governors felt they must be flexible in their policy response, the minutes also showed, but that careful study of the upside and downside risks to the economy were required.

Against the Swiss currency, the pound largely bounced between 1.9779 and 1.9828 in today`s early Asian deals. However, at about 1:45 am ET, the pair moved off the range and it is now trading at 1.9740. The pound-franc pair was worth 1.9723 at last week`s close.

The US March retail sales, business inventories report for February and the Federal Reserve Board Governor Kevin M. Warsh speech at Economic Policy Forum in New York are expected to influence trading in the New York session.

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