The British pound slipped to new multi-day lows against its Japanese, US and Swiss counterparts during Tuesday's early Asian trading.
The UK currency that was worth 1.6787 against the Swiss franc at yesterday's New York session close, weakened to hit a 5-day low of 1.6660 during Tuesday's early Asian trading. If the UK currency slides further, 1.62 is seen as the next downside target level.
UK's sterling lost ground against the yen during Tuesday's early Asian trading. The sterling dipped to a 4-day low of 146.89 by about 8:00 pm ET, from an early high of 149.34. The immediate support level for the pair is seen at 146.21. The pound-yen pair that soared to a new multi-month high of 151.57 yesterday closed the day's deals at 149.21.
The Bank of Japan is set to conclude its two-day monetary policy meeting on Tuesday and then announce its decision on interest rates. Analysts are expecting the bank to keep rates on hold at a record low 0.10 percent.
The pound edged down to a 5-day low against the dollar, falling to 1.4642. This may be compared to Monday's closing value of 1.4772. On the downside, the pound may likely find its support near 1.44 level.
The U.S. Federal Reserve is expected to release its monthly consumer credit report at 3 pm ET today. Consumer credit for February is likely to show a decline of $1.5 billion.
In January, consumer credit rose by $1.8 billion to $2.56 trillion, as revolving credit rose by $0.9 billion to $0.96 trillion and non-revolving credit rose by $0.8 billion to $1.6 trillion.
The pound showed mild weakness against its European counterpart during this time period. The pair that was worth 0.9086 at Monday's New York session close is now trading at 0.9105.
In the upcoming session, the economic reports such as Italian hourly wages, UK industrial and manufacturing production data and Euro-Zone final fourth quarter GDP are slated for release.
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