Tuesday, 20 Apr 2010

Pound Gains on Better than Expected Inflation Data

The EUR is maintaining its rally in European trading today ahead of the latest Greek not auction. Further supporting the common currency were better than expected German ZEW Index which showed economic expectations came in at 53.0 for April, much higher than the 46.0 that had been expected and up from 44.5 in March. The Euro-Zone economic sentiment also beat expectation with a result of 46.0, up from 37.9 in March.

The U.K Pound was boosted earlier today following the release of better than expected inflation data which showed inflation came in higher than expected. The Pound rose to $1.5389 from $1.5316, after earlier reaching a high of $1.5431.

The Yen weakened to 92.78 per USD, from 92.40 yesterday in New York. It depreciated to 125.37 per EUR, from 124.64. The EUR rose to $1.3514, from $1.3489.