Sterling down vs yen, eyes on BoE minutes, data
Sterling lost ground against a firm yen on Wednesday but was little changed against the dollar and euro as investors awaited key British data.
Minutes of the Bank of England's interest rate meeting earlier this month and UK public finances data are due at 0930 GMT, while the Confederation of British Industry's industrial trends report is due at 1100 GMT.
"Technicals might be a focus for sterling as well," said Paul Robson, currency strategist at RBS Global Banking.
"The charts are looking a little bit negative especially on sterling/Swiss and cable (sterling/dollar). So if we do get negative news out of today's data and the minutes, then that would reinforce the negative technical outlook for sterling."
Robson said levels to watch out for included $1.9450 and 2.1190 francs.
At 0836 GMT, the pound was little changed against the dollar at $1.9470, while the euro was also barely changed at 75.54 pence.
Against a trade-weighted currency basket, sterling opened at 95.20, near the previous day's one-month low of 95.10.
The pound had come under pressure this week after Britain's decision to bring troubled mortgage lender Northern Rock under public ownership was seen as adding more uncertainty to a financial sector already facing credit woes.
"Over and above the technical picture and data, it's clear that risk appetite is pretty shaky this morning ... that would play negatively for sterling as well, particularly against the Swiss franc as well as the yen," Robson said.
Versus the yen, sterling slipped 0.2 percent to 209.28 yen.
The yen was benefiting from renewed risk aversion after a jump in oil prices to a fresh peak above $100 a barrel fuelled inflation fears and on news that KKR Financial Holdings has delayed repayment of notes backed by mortgage backed securities for a second time.
Late on Tuesday, Bank of England policymaker Kate Barker said the danger of a sharp economic downturn in Britain was more worrying than rising inflation, but the case for an immediate interest rate cut was not compelling.
Sourced by Reuters.