We must not look on trial as punishment . . .

But the pound recovered on some technical buying after the it held a key $2.020 support level versus the dollar, a U.S.-based trader said.

Sterling last traded at $2.0314, up 0.2 percent on the day. It trimmed losses against the euro to 69.81 pence .

The yen recovered from the previous day's 7-week lows versus the euro to trade little changed at 163.56 . It was up 0.2 percent against the dollar at 115.38 yen , boosted by Japanese companies repatriating overseas earnings at the end of the first half of the business year on Friday.

The New Zealand dollar rose to a seven-week high after data showed the economy grew faster than expected in the second quarter, reinforcing views that the central bank will keep interest rates high to contain inflationary pressures. The kiwi was up 0.90 percent at US$0.7564 , after rising as high as US$0.7581 earlier, according to Reuters data.

The greenback has been on the defensive since the Fed slashed rates by 50 basis points last week amid a deepening housing slump that many fear threatens to slow the economy.

Let nothing, however dear, however loved, absorb your mind and affections, diverting you from the study of God's word or from earnest prayer. Watch unto prayer. Live your own requests. Co-operate with God by working in harmony with Him. Pr 79.



These trials will show that your faith is genuine. It is being tested as fire tests and purifies gold—though your faith is far more precious than mere gold. So when your faith remains strong through many trials, it will bring you much praise and glory and honor on the day when Jesus Christ is revealed to the whole world. 1 Peter 1:7 (New Living Translation)