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UK Currency Up Against Majors 12 days ago
(RTTNews) - The UK currency climbed to a near 2-month high against the US dollar and a 5-day high against the currencies of Japan, Europe and Switzerland during Monday's Asian trading.
Sterling strengthened against the yen and climbed to a 5-day high during Monday's early trading. The sterling reached 150.86 against the yen with 151.7 seen as the next upside target level. At yesterday's New York session close, the pound-yen pair was quoted at 149.51.
The Ministry of Finance said today that Japan's official reserve assets totaled $1.06 trillion by the end of October, up $4.17 billion from September,.
As of October 31, foreign currency reserves amounted to $1.01 trillion, while reserves with the International Monetary Fund stood at $4.37 billion. Gold reserves totaled $25.59 billion, while SDRs were worth $21.17 billion.
The pound advanced to a near 2-month high of 1.6723 against the dollar during Monday's early Asian trading. On the upside, the next likely target for the pair is seen around the 1.683 level. At yesterday's New York session close, the pair was quoted at 1.6620.
The UK currency soared to 0.8936 against the euro during Monday's early trading. This set a 5-day high for the UK currency. The next upside target for the UK currency is seen around the 0.889 level. The euro-pound pair closed Friday's deals at 0.8936.
In the European session, German September trade balance and Eurozone November Sentix investor confidence reports are expected.
The pound also surged higher versus the Swiss franc, climbing to a 5-day high of 1.6948 during today's early deals. On the upside, 1.695 is seen as the next target level for the UK currency. The pound-franc pair closed last week's deals at 1.6914.
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