RTTNews - The British pound gained against other majors on Monday in New York. The sterling rebounded against the dollar and yen on improved risk appetite and continued to rally on the euro as traders bet the U.K. economy will recover faster than the Eurozone.
The pound gained again versus the dollar and approached a multi-month high. The sterling climbed as high as 1.5305, after dipping as low as 1.5115 overnight. If the pound gets past 1.5352, it will best last week's four-month high.
The pound continued its upward move against the euro and reached an 11-day high of 0.8806. The pound has been trending higher for about a week, moving closer to a 2 1/2-month high of 0.8763.
Data showed the Eurozone's unadjusted trade balance rose to a surplus of EUR 0.4 billion in March from a revised EUR 1 billion deficit in February and from EUR 2.3 billion shortfall in March 2008. Economists had expected a deficit of EUR 0.3 billion.
The pound climbed higher against the Japanese yen, moving above 146.50. Overnight, the sterling hit a three-week low of 143.02.
Monday, a report from Japan's Cabinet Office showed that the consumer confidence indicator rose to 33.2 in April from 29.6 in the previous month. Economists had expected the index to rise to 31.
In economic news in the U.K., house prices rose by 2.4% month-on-month in May to GBP 227,441 from GBP 222,077 in April, property website Rightmove said.
Meanwhile, International Monetary Fund's first deputy managing director John Lipsky said the global economy will start recovering next year, but the pace will be more gradual than it was in past recessions.
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