Pound Eases From 2-day High Against Yen
Wednesday, the British pound eased from an early Asian session’s 2-day high against the Japanese yen. The pound also pared its recent gains against the dollar, while remained lower against the euro and the franc.
During early Asian deals on Wednesday, the pound slipped to 0.8866 against the euro and 1.7062 against the franc. If the U.K. currency drops further, it may target 1.682 against the franc and 0.898 against the euro. The euro-pound and the pound-franc pairs were worth 0.8850 and 1.7091, respectively at yesterday’s close.
The pound declined against the yen after reaching a 2-day high of 150.39 at 7:20 pm ET Tuesday. As of now, the pound-yen pair is worth 149.95, down from yesterday’s close of 150.17. The near term support for the pair is seen at 149.45.
The pound that strengthened to 1.6834 against the dollar at 6:40 pm ET Tuesday weakened thereafter. Currently, the pound-dollar pair is trading at 1.6803 with 1.676 seen as the next target level. At yesterday’s New York session close, the pair was quoted at 1.6813.
Looking ahead, Japan’s October final machine tool orders report is due at 1:00 am ET.
In the European session, the Euro-zone current account and construction output reports for September, U.K. CBI industrial trends survey data for October and the BoE minutes are expected.
Across the Atlantic, the U.S. CPI, housing starts and building permits- all for the month of October have been slated for release in the North American session.
