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British Pound Weakens for Third Straight Day

Monday, 09 April 2007 21:25:54 GMT

Written by Kathy Lien, Chief Strategist
Since the Bank of England left interest rates unchanged last week, the British pound has fared poorly against the US dollar and Euro.  More specifically, the pound has already seen three consecutive days of weakness against the US dollar. 

With little economic data of consequence this week, it will be difficult for the currency to find support unless we see a wave of dollar bearishness when European traders return to the markets on Tuesday.  Like the Eurozone, the UK was also closed for Easter Monday today.  BRC retail sales are due for release tomorrow.  Stronger sales could lead to a brief recovery in the pound.

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