EM: Forex trends pound recovers from Asian session lows
Friday, during early European session, the British pound revived from its early Asian session's loss against other major currencies amid mixed economic reports from UK. The pound thus climbed from new multi-day lows against the currencies of Switzerland and Japan.
Against the US dollar, the British pound gained ground after hitting a low of 1.6115 during early Asian deals on Friday. At 3:05 am ET, cable climbed to 1.6252, compared to 1.616 hit late New York Thursday. The pair is currently trading at 1.621.
UK's sterling that closed Thursday's North American session at 0.8877 against the European currency declined to 0.8901 at 2:05 am ET Friday. Thereafter, the pound reversed its direction and climbed to 0.8863 against the euro at 3:05 am ET with 0.883 seen as the next target level. EUR/GBP rally is now worth 0.8884.
The British currency that touched a 3-day low of 1.6822 against the Swiss franc during today's early Asian deals strengthened thereafter. At 3:05 am ET, GBP/CHF hit a high of 1.6924, compared to Thursday's closing value of 1.6928. If the pair gains further, 1.716 is seen as the next target level.
The pound that closed Thursday's New York deals at 145.38 against the Japanese yen declined to a 4-day low of 143.78 during Friday's early Asian trading. Thereafter GBP/JPY pair bounced back and is presently trading at 146.30. On the upside, 147.5 is seen as the next target level for the pair.