Pound up against weaker dollar

Sterling rose against the euro and a broadly weaker dollar this morning as concerns eased about Dubai's debt-related problems, which helped boost risk assets. A meeting between Bank of Japan chiefs later today will determine whether or not the yen will see a return to volatility.

Pound Sterling – UK Markets

The pound was up nearly 1% against the dollar this morning at USD1.66 and currently trades around USD1.65. However gains were somewhat restricted as data showed growth in UK manufacturing activity unexpectedly slowed. Sterling also rose against the yen some 1.4% to trade at JPY143.95 and was up against the euro at 1.099.

US Dollar – US Markets

The dollar fell this morning as market apprehension about Dubai's debt-related problems settled to give risk assets a push upward. Trading at 0.602 against the pound and 0.662 versus the euro, the greenback did manage to make gains against the yen to trade around 87.23.

Euro – European Markets

The euro slipped against the pound amid speculation of a large euro/sterling sell order during the European session. The single currency was down 0.3%t at 90.83 pence earlier today having hit a one-month high of 91.54 pence on Monday after an unexpected fall in British consumer confidence data.

Other Currencies – Highlights

The Japanese yen may see a return of volatility as the markets digest the outcome of a meeting between chiefs at the Bank of Japan. The yen backed off slightly against the US dollar, testing above 87.00 and was also weaker against the pound.

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