Pound, dollar weaken

The pound and the US dollar were both weaker in relation to the euro on Tuesday, with the UK currency down on the news that house prices there dropped 2.5 percent in March and the dollar weakening ahead of the release later in the day of the minutes of the most recent Federal Reserve meeting.

At just past 11 a.m. in New York, the pound traded at 79.81p to the euro and at 50.81p to the US dollar, while it took ¥201.8488 or SFr1.9953 to buy a pound, while the greenback traded at $1.5696 to the euro and was worth ¥102.6450.

The Australian dollar strengthened on a return to carry trades, with the aussie worth 92.77 cents US or ¥95.1445; it took A$1.6932 to buy a euro.

The possibility that the South African Reserve Bank will raise interest rates later this week allowed the rand to gain in relation to the US dollar, strengthening to R7.76475 to the greenback before trading at R7.7865 at close to noon in New York.

Story link: Pound, dollar weaken