(RTTNews) - The British currency traded lower against major currencies during early European deals on Monday.
After hitting a high of 1.5565 by about 2:00 am ET, the pound reversed its direction against the US dollar in early European trading. As of now, the pound-dollar pair is worth 1.5474, compared to last week's close of 1.5428.
The sterling that closed last week's New York session at 1.4427 versus the Swiss franc, edged down in today's early European session and hit 1.4505 as of 3:35 am ET. Currently, the pound is trading near 1.4517 versus the franc.
On the economic front, the SVME Association of Purchasing and Materials Management and Credit Suisse reported that its seasonally adjusted Purchasing Managers' Index declined to 59.6 in December from 61.8 in November. Economists were expecting the score to be 61.5.
The pound advanced to 126.52 against its Japanese counterpart at abut 2:00 am ET today and reversed its direction thereafter. The pound slipped to 125.91 versus the yen as of 3:35 am ET, which may be compared to last week's closing value of 125.78. The pound is presently trading near 125.93 versus the yen.
The British currency that hit a high of 0.8544 versus the euro at about 2:45 am ET, traded lower thereafter and now trading near 0.8590.
The euro gained slightly against other major rivals in early European deals after the release of the manufacturing PMI reports from major European economies.
A survey from Markit Economics showed today that the Eurozone final Purchasing Managers Index for manufacturing came in at 57.1 in December, up from the earlier flash estimate of 56.8 and its highest reading since April's 46-month peak.
The Markit Economics also said in its survey report that Germany's manufacturing activity rose the most since July. The PMI rose to 60.7 in December from 58.1 in November. However, the reading was slightly down from a flash estimate of 60.9.
Traders will now look to the data on ISM manufacturing and construction spending from the U.S., due out in the upcoming hours.
