During early deals on Tuesday, the British pound climbed to new multi-day highs against the US dollar and the European currency. The pound also showed strength versus the Swiss franc while declined from an early Asian session 8-day high against the Japanese yen.
The British pound showed strength against the US dollar during early deals on Tuesday. At 12:50 am ET, the pound-dollar pair reached an 8-day high of 1.4893, compared to 1.4857 hit late New York Monday. If the pair gains further, 1.498 is seen as the next target level.
The British pound that closed Monday's North American session at 0.9001 against the European currency climbed to a 4-day high of 0.8960 at 12:50 am ET Tuesday. The next upside target level for the British currency is seen around 0.872.
Against the Swiss franc, the British currency edged higher during Tuesday's early deals. At 12:50 am ET, the sterling-franc pair hit a high of 1.6902, compared to Monday's closing value of 1.6841. On the upside, 1.704 is seen as the next target level for the pair.
The British pound lost ground after hitting an 8-day high of 149.34 against the Japanese yen during Tuesday's early Asian deals. The pound-yen pair that closed Monday's New York deals at 148.73 slipped to 148.02 at 10:35 pm Eastern Time. The pair is currently trading at 148.66 with 140.9 seen as the next target level.
Traders are looking ahead to the French current account report for February, which was a deficit by EUR 2.8 billion in the previous month, due out in the upcoming session.
Across the Atlantic, the U.S. Labor Department is set to release a report on the producer price index for March at 8:30 AM ET on Tuesday. Economists expect the headline index for March to show an unchanged reading and the core reading to show 0.1% growth.
Retail sales of food and retail companies with one or more establishments that sell merchandise and associated services to final consumers are slated to be released at 8:30 AM ET on the same day. Economists estimate a 0.3% growth in the retail sales for March, while they estimate a 0.1% increase in retail sales, excluding autos.
The Commerce Department is scheduled to release its business inventories report for February at 10 AM ET. The report is expected to show a 1.1% decline in business inventories for the month.
In the afternoon, the Federal Reserve Chairman Ben Bernanke is set to deliver a speech in Atlanta on the financial crises.
For comments and feedback: contact firstname.lastname@example.org