By: Barbara Zigah
The Pound Sterling touched on a new 6-week peak versus the U.S. Dollar and a 4-month peak against the single currency Euro in Asian trading today. As reported at 1:49 p.m. (JST) in Tokyo, against the U.S. Dollar the British Pound traded at a new high of $1.6422, and versus the Euro, the Pound edged up .5% to trade at 87.67 Pence. The U.K. currency benefited from the recent news that British-based Cadbury Plc and U.S.-based Kraft Foods intend to create the largest confectionary firm in the world; to that end, a $19 billion deal is currently under negotiation.
The Euro fared better against the U.S. Dollar, up .1% to trade at $1.4395 and off Monday’s low of $1.4335 on the EBS trading platform. The Euro also moved up on the Australian Dollar, trading at AUD1.5569, an increase of .3%. The single currency was supported by news yesterday that European finance ministers have agreed that they will help Greece tackle its current debt problems. The Euro has declined in recent months due in large part to the continuing financial troubles of the Greek nation, and the subsequent debt rating downgrades that followed.
Pound Sterling Strikes New Highs versus Dollar/Euro
Barbara Zigah
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About Barbara Zigah
After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.