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UK’s sterling slips to new multi-year low versus buck
RTT News
Friday, August 29, 2008
(RTTNews) – The British sterling fell further against the other major currencies on Friday morning in New York. The pound set a fresh multi-year low against the US dollar and edged down to new multi-month lows against the euro and the yen in the early New York session today.
The GfK Group released its UK consumer confidence report for August in early trading today. The report showed that the consumer confidence indicator saw a surprise gain in August, climbing to a reading of -36. Economists had expected the sentiment to decline to -41 after the indicator had fallen to a record low of -39 in July.
Extending its recent downtrend, the pound dropped to a fresh multi-year low of 1.8189 against the US dollar by 11:50 am ET Friday. This may be compared to yesterday’s close of 1.8298. Currently, the pair is trading at 1.8191.
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In US, the Department of Commerce released its report on personal income and spending in July today. The report showed that personal income fell 0.7% in July following a 0.1% increase in June. Economists had been expecting a much more modest decrease of about 0.2%. At the same time, personal spending edged up 0.2% in July compared to a 0.6% increase in the previous month.
The pound ticked down to a new multi-month low of 197.67 against the yen by 11:30 am ET Friday, compared to yesterday’s close of 200.38. As of now, the pound-yen pair is trading at 197.73.
- A d v e r t i s e m e n t
The Japanese Ministry of Internal Affairs and Communications announced today that Japan’s core inflation, which excludes volatile changes in fresh food prices, increased 2.4% in July from a year earlier. Economists were forecasting the core CPI to rise to 2.3%. Overall CPI rose 2.3% in July, the fastest since October 1997 when it rose 2.5% and also the tenth consecutive monthly increase.
Meanwhile, the unemployment rate in Japan eased to 4.0% in July, down from the two-year high of 4.3% in June, and it also came in below analyst expectations of 4.1%.
Industrial production in Japan climbed a seasonally adjusted 0.9% in July compared to the previous month, with the index moving up to 107.9 from 106.9 in June.
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