AGL 40.18 Increased By ▲ 0.18 (0.45%)
AIRLINK 127.31 Increased By ▲ 0.27 (0.21%)
BOP 6.64 Decreased By ▼ -0.03 (-0.45%)
CNERGY 4.50 Decreased By ▼ -0.01 (-0.22%)
DCL 8.57 Increased By ▲ 0.02 (0.23%)
DFML 41.97 Increased By ▲ 0.53 (1.28%)
DGKC 87.75 Increased By ▲ 0.90 (1.04%)
FCCL 32.70 Increased By ▲ 0.42 (1.3%)
FFBL 65.21 Increased By ▲ 0.41 (0.63%)
FFL 10.33 Increased By ▲ 0.08 (0.78%)
HUBC 109.35 Decreased By ▼ -0.22 (-0.2%)
HUMNL 14.73 Increased By ▲ 0.05 (0.34%)
KEL 5.13 Increased By ▲ 0.08 (1.58%)
KOSM 7.54 Increased By ▲ 0.08 (1.07%)
MLCF 41.85 Increased By ▲ 0.47 (1.14%)
NBP 59.90 Decreased By ▼ -0.51 (-0.84%)
OGDC 193.85 Increased By ▲ 3.75 (1.97%)
PAEL 28.25 Increased By ▲ 0.42 (1.51%)
PIBTL 7.83 No Change ▼ 0.00 (0%)
PPL 151.95 Increased By ▲ 1.89 (1.26%)
PRL 26.63 Decreased By ▼ -0.25 (-0.93%)
PTC 16.11 Increased By ▲ 0.04 (0.25%)
SEARL 85.60 Decreased By ▼ -0.40 (-0.47%)
TELE 7.65 Decreased By ▼ -0.06 (-0.78%)
TOMCL 35.50 Increased By ▲ 0.09 (0.25%)
TPLP 8.14 Increased By ▲ 0.02 (0.25%)
TREET 16.09 Decreased By ▼ -0.32 (-1.95%)
TRG 52.80 Decreased By ▼ -0.49 (-0.92%)
UNITY 26.40 Increased By ▲ 0.24 (0.92%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 9,957 Increased By 73.1 (0.74%)
BR30 30,925 Increased By 325.2 (1.06%)
KSE100 93,860 Increased By 504.3 (0.54%)
KSE30 29,086 Increased By 154.7 (0.53%)

Sterling slipped to its lowest in nearly two weeks against a basket of currencies on Thursday after data showed UK house pricing falling at their fastest pace in 2 years, rekindling talk of a UK interest rate cut. Data from the Royal Institution of Chartered Surveyors on Thursday was the latest in a line of soft news from the Britain's housing market.
Sterling had rallied earlier this week after expectations of a near-term UK rate cut were cooled when the Bank of England Governor Mervyn King said Britain's economy would need to slow over the coming year to keep inflation risks at bay.
"There is profit taking on what had been quite a rise, so that (the housing data) was probably an excuse to take some of that back in profits, to lock it in," said Trevor Williams, head of group economic research at Lloyds TSB Corporate Markets
"It's clearly a sign that the economy will slow in 2008. Any number which suggests weaker growth and may be more chance of a cut interest rates (is negative for sterling)." By 1451 GMT sterling was down 0.2 percent at $2.0377, retreating from a one-week high of $2.0476 set on Wednesday in the aftermath of the King comments.
The euro rose as high as 69.76 pence, its strongest since October 1 and closing in on 2-1/2 year peaks of 70.29 pence set in late September. On the Bank of England's trade-weighted basis, sterling fell 0.5 percent to its lowest in nearly two weeks at 102.3.

Copyright Reuters, 2007

Comments

Comments are closed.