Pound stronger on data

The pound was stronger Monday on new data showing that producer prices in the UK were up 6.2 percent in March over the same month last year, reducing estimates of how much the Bank of England might cut interest rates this year.

In early afternoon trade in New York, the pound traded at 79.89 to the euro and at 50.46p to the US dollar.

The US dollar weakened, with declines coming after a G-7 report warned that fluctuations in exchange rates could hurt the global economy but did not make any moves to support the US currency.

The dollar traded at $1.5832 to the euro at around 12:30 p.m. in New York

With equities markets seeing losses and precious metals prices falling, the South African rand weakened versus the US dollar.

The rand was at $7.8825 to the greenback and at R12.473 to the euro in New York trade.

The Swedish krona strengthened against the dollar and the euro after inflation in Sweden gained 2.3 percent in March to a 5-year high.

At early afternoon in New York, the krona traded at kr5.9394 to the US dollar and at kr9.3988 to the euro.

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