21.  However, the one cloud over the horizon on Tuesday was the sharp rise of sterling, and the prospect of further gains by the British currency.

22.  In addition, the British currency gained from the strength of the dollar, which remained extremely high against the yen.

23.  In late trading on Wednesday, the British currency had eased under pressure of profit-taking.

24.  But it said further encouragement was needed simultaneously to control inflationary tendencies while guarding against any weakening of the British currency.

25.  But the British currency is vulnerable because of the changing view about interest rates in Britain.

26.  The slight gain against the pound came from a round of profit taking on the British currency, analysts said.

27.  The surge in the British currency has also had an anti-inflationary effect on the economy.

28.  It said operating income was also affected by a stronger Australian dollar against US and British currencies.

29.  Operating income for the group was also affected by a stronger Australian dollar against US and British currencies.

30.  Sterling dipped against the mark after an initial firming, but the market has a positive feeling about the British currency, traders said.