Sterling Mixed Against Majors On Tuesday [GBP/USD]

Tuesday, August 21, 2007 2:38:21 PM - The British currency moved little against its world counterparts in action on Tuesday afternoon in New York. The sterling traded with little economic data from the area.

In trading against the European currency on Tuesday, the British pound saw mixed movement. The currency dropped sharply in the early hours of the day past 0.6810 and held near that mark into the early afternoon. However, the pound earned back most of its losses as action progressed to move at 0.6793 by 2:25PM EST. Traders considered data from the area that showed the Euro zone trade surplus widened to 7.8 billion euros in June from the 1.7 billion euros seen in the prior month. Meanwhile, the ZEW Economic Sentiment Indicator for Germany fell 17.3 points to minus 6.9 points in August, following 10.4 points recorded in the prior month.

Versus its American counterpart in action on Tuesday, the British currency saw little direction through to the afternoon. The sterling held in a range with a high of 1.9851 and a low of 1.9747. On the whole, the British currency remains near a two month low against the dollar.

The British currency moved little against its Japanese counterpart in trading on Tuesday. By the afternoon, the pound had bounced between a high of 227.60 and a low of 225.73. The pair moved as data showed Japan's all industry index rose 0.2% in June to 107.5, while Japanese crude steel production climbed 1.5% year-over-year in July.