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British Pound Tumbles To New Multi-day Lows Against Majors 11 days ago
(RTTNews) - During early deals on Tuesday, the British pound slumped to new multi-day lows against its major counterparts despite encouraging economic reports from U.K.
A barometer of sentiment in the U.K. residential property market increased in October.
The House Price Index from the Royal Institution of Chartered Surveyors (RICS) increased to 34 points in October, up from the September reading of 21 points. RICS said the reading was the highest since December 2006, and also topped the expectations of most economic analysts.
In addition, retail sales in Great Britain rose for the second consecutive month in October, according to data released today by the British Retail Consortium.
The BRC said sales in stores open at least a year were up 3.8 percent compared to October 2008 while sales in all stores were up 5.9 percent.
The like-for-like and overall sales figures marked the highest growth since 2002, according to BRC Director General Stephen Robertson.
The increases topped economists forecasts.
Against the US dollar, the British currency traded down during early deals on Tuesday. At 12:35 am ET, the pound-dollar pair touched a 4-day low of 1.6606, compared to 1.6762 hit late New York Monday. If the pair falls further, 1.659 is seen as the next target level.
The British pound that closed Monday's North American session at 0.8952 against the European currency declined to a 1-week low of 0.9016 at 12:40 am ET Tuesday. On the downside, 0.908 is seen as the next target level for the pound.
Against the Swiss franc, the pound edged down during Tuesday's early deals. At 12:35 am ET, the pound-franc pair plunged to a 5-day low of 1.6782, compared to Monday's closing value of 1.6896. The next downside target level for the pair is seen around 1.653.
U.K.'s sterling staged a sharp fall against the Japanese yen at 12:20 am ET Tuesday. The pound-yen pair is currently trading at a 4-day low of 149.14 with 147.7 seen as the next target level. The pair closed Monday's New York deals at 150.75.
Japan posted a current account surplus of 1.568 trillion yen in September, the Ministry of Finance said today, climbing 0.2 percent on year.
That beat analyst expectations for a surplus of 1.51 trillion yen following the 1.171 trillion yen surplus in August.
Exports were down 32.1 percent on year to 4.8 trillion yen, while imports shed an annual 37.7 percent to 4.2 trillion yen for a BOP trade surplus of 599.2 billion yen.
Also, Japan's latest Eco Watchers survey released by the Cabinet Office showed today that the current index fell to 40.9 in October from 43.1 last month. Economists had expected the index to remain stable at 43.1 in October. At the same time, the forward-looking index stood at 42.8, down from 44.5 in September.
In the European session today, the German CPI, French and Italian industrial production, UK DCLG house prices and trade balance and the Eurozone and German ZEW survey reports are due for release.
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