(RTTNews) - In early deals on Tuesday, the pound edged up to near a 5-week high against the yen and a 1-week high against the dollar amid a report at 2:00 am ET from the Nationwide Building Society showed that house prices in UK rebounded in March. But the pound pared its recent gains against the euro and the franc. The pound thus eased from a 5-day high against the franc. The United Kingdom's nationwide house price index grew by 0.7% in March, thereby reversing February's 0.8% decline. Year-over-year, house prices grew 9.0% in March, slightly behind February's 9.2% jump. The Nationwide Housing Prices shows the value of the houses prices in UK and indicate current movements in the housing market that is considered as a sensitive factor to the UK's economy. At 2:40 am ET Tuesday, the pound jumped to near a 5-week high of 139.60 against the yen and a 1-week high of 1.5061 against the dollar. If the pound gains further, it may likely target 143.7 against the yen and 1.512 against the dollar. Currently, the pound is worth 1.5040 against the dollar and 139.40 against the yen, compared to yesterday's close of 1.4992 and 138.61, respectively. Japan's unemployment rate and the industrial production reports- both for February released earlier in the day likely influenced the yen. The pound that rose to 0.8978 against the euro at 1:55 am ET Tuesday fell thereafter. Currently, the euro-pound pair is trading near yesterday's close of 0.8995. If the pound weakens further, it may likely target the 0.904 level. The euro rebounded after a report showed that Germany's import price inflation rose more than expected in February. Germany's Federal Statistical Office announced that the import prices increased 1.0% in February, outpacing forecasts of more modest growth of 0.4% from January's 1.7% jump. Year-over-year, Germany's import price index rose 2.6% in February, also exceeding expectations of a 2% increase over January's 1.4% growth. The pound dropped against the Swiss franc after hitting a 5-day high of 1.5972 at 2:00 am ET Tuesday. The pound-franc pair is presently trading near yesterday's close of 1.5932. The near term support for the UK currency is seen at 1.587. Today, the UBS bank said in a report that its consumption indicator for Switzerland fell slightly in February, marking a return to the December 2009 level. The consumption indicator dropped to 1.20 in February from 1.32 in January, due to deteriorating business activity in the retail sector. UBS expects growth in private consumption of 1.7% for 2010.

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