In an update on annual assessment of
"Staff estimates that the current account balance is 2.6% weaker than its equilibrium level, and that the real exchange rate is overvalued by about 5-10%." the IMF said.
The Bank of
Approvals for house purchases increased to 67,196, a 4-month high, from 62,007 in May. It was forecast to rise moderately to 63,000.
Pulling away from an early high of 1.6994 against the greenback, the pound slipped to near a 5-week low of 1.6950. On the downside, 1.684 is seen as next possible downside target for the pound.
The pound reversed from an early 6-day high of 173.19 against the yen, sliding to 172.83. If the pound continues its decline, it may find support around the 172.00 zone.
The pound hit a 4-day low of 1.5328 against the Swiss franc, off early high of 1.5367. The next likely downside target level for the pound may be eyed around the 1.52 region.
After having advanced to 0.7906 against the euro at
Import prices were down 1.2% year-on-year in June, slower than the 2.1% decrease seen in May. The rate of decline came in line with economists' expectations.
Looking ahead, US S&P/Case-Shiller home price index for May and consumer confidence for July are to be released in the
Most Popular Stories
- Bently Creates Alabama Small Business Commission
- California King Fire Roars Out of Control
- Mercedes Rolls Out S550 Plug-in Hybrid
- Is Alibaba's IPO Price a Fairytale?
- Kardashian: Kanye Never Told Fan in Wheelchair to Stand Up
- SBA Kicks off Hispanic Heritage Month
- CalPERS Pulls Out of Hedge Funds
- U.S. Tobacco Growers Lose Last of Price Supports
- Poverty Rate Drops for First Time Since 2006
- Two-thirds of Hispanics Doubt Media Accuracy