Forex News: April 2007

Monday, April 30, 2007

Eastern European Currencies Choppy On Monday, Monday, April 30, 2007 10:20:27 AM

The Eastern European currencies were choppy against the euro and dollar in trading on Monday. The currencies moved with little economic news from the area.

The rouble was mixed against the dollar on Monday as the currency moved between a high of 25.6888 and a low of 25.7482. In general, the rouble is near its multi-year high. In trading against the euro, the Russian currency bounced between a high of 34.9930 and a low of 35.0930. On the whole, the rouble remains at its multi-year low.

The Polish zloty moved between a high of 2.7596 and a low of 2.7700 against the dollar on Monday morning. Overall, the zloty is moving at a multi-year high against the buck. In trading with the euro, the zloty bounced between a high of 3.7672 and a low of 3.7893. On the whole, the Polish currency is at a week and a half low.

The Hungarian currency was mixed against the dollar as it moved between a high of 179.9927 and a low of 181.9479. On the whole, the forint is near a two week low. In action against the euro, the forint bounced between a high of 245.5480 and a low of 247.4316. In general, the forint is at a monthly low.

Southeast Asian Currencies Mixed, Monday, April 30, 2007 10:07:09 AM

The Southeast Asian currencies were mixed against their world counterpart in action on Monday. The currencies moved as Singapore reported on its jobless rates for the quarter.

The Thai baht rose against the dollar on Monday to a mark of 32.500. The currency remains within the range of the past two months. In trading against the euro, the baht moved between a high of 44.2062 and a low of 44.7600. On the whole, the currency is near a two month low.

The Indonesian rupiah was choppy against the dollar on Monday. The currency bounced between a high of 9060.00 and a low of 9084.2675. On the whole, the rupiah is near a two and a half month high.

The Singapore dollar was mixed against the euro on Monday as it moved between a high of 2.0655 and a low of 2.0741. On the whole, the Singapore dollar is at a multi-year low. In trading against the buck, the currency bounced betweeh a high of 1.5187 and a low of 1.5200. Overall, the Singapore currency is at a monthly low.

Singapore jobless rate came in at seasonally adjusted 2.9% in the March quarter. The jobless rate stood at 2.6% in the December quarter.

Bonds Rise Following Release Of Data On Inflation, Monday, April 30, 2007 9:15:18 AM

The release of key data on inflation caused buying in the first 45 minutes of Monday`s treasury market, sending bonds higher. A report showing that consumer income outpaced spending during March caused traders to move their money into fixed income investments. As bonds rose on Monday morning, treasury yields declined, reversing some of the gains made at the end of last week.

The 10-year yield opened lower on Monday and continued to slide throughout the first part of the day. The early buying took the 10-year yield to its lowest level since last Wednesday. Shortly after 9 am Eastern Time, the 10-year yield was down 4 basis points at 4.658%. Meanwhile, the 30-year and 5-year yields were down 3.6 and 4.6 basis points, respectively.

Monday morning, the Department of Commerce released its report on personal income and spending in the month of March, which showed that personal income rose 0.7% in March, matching an upwardly revised 0.7% increase in February. The increase came in modestly above economist estimates of a 0.5% increase. At the same time, personal spending rose 0.3% after an upwardly revised 0.7% increase in February. Economists expected personal spending to rise 0.5% compared to the 0.6% increase originally reported for the previous month.

Metals Posts Slight Early Gains, Monday, April 30, 2007 9:03:30 AM

Metal prices were generally up at the start of U.S. trading on Monday. Gold and silver both advanced after losing ground last week. Copper and platinum also gained. Palladium declined early.

Gold prices were up slightly at the start of Monday`s U.S. trading session. June gold was up $1.30 to $683.10. Bullion trended down last week, coming off a two-month high.

Silver gained on Monday to start U.S. trading for the week. The metal for May delivery was at $13.53 per ounce, up 8.7 cents. Silver rebounded on Friday after a sharp drop in its previous session.

Copper gained in early U.S. trading on Monday. Copper for May delivery was at $3.5665, up 5.2 cents on the session. The metal spiked up at the open and gained a little more in the first 10 minutes before leveling off.

Palladium prices dipped early on in U.S. trading on Monday. June palladium fell 45 cents to $374. Prices have been trending down for about 10 days.

Platinum was up very slightly at the start of U.S. trading on Monday. The metal was up $2 to $1,295.

German Retail Sales Register Surprise Fall In March, Monday, April 30, 2007 9:00:12 AM

German retail sales unexpectedly fell in March, after a slight recovery in the prior month, official data indicated Monday.

The Federal Statistical Office said retail sales dropped real 0.7% on month in March, while economists were looking for a rise of 0.8%.

The decline follows an upwardly revised 1% gain in February. Initially, the monthly increase was recorded as 0.9%. The monthly increase in retail sales in February came after a 5.7% slump in January due to VAT hike. The Angela Merkel administration raised the VAT to 19% from 16% on January 1.

On yearly basis, retail sales rose real 0.5% in March, while markets expected an annual decline of 0.6%. In February, retail sales fell 1.6% on year.

In nominal terms, retail sales slid 0.6% and rose 1.3% annually in March.

The provisional results are computed from data release by seven landers of the Federal Republic that accounted for nearly 66% of total retail sales.

Food, beverages and tobacco group logged 0.3% yearly increase in retail sales. Sales in supermarkets, self-service department stores and consumer markets gained 0.7%. In specialized retail trade with food, retail sales slumped 4.2%.

Non-food retail sales climbed real 0.7% on year, with four out of six industries registering growth. Textiles, clothing, shoes and leather goods sales as well as sales of furnishings and related goods jumped 4.6% each. In other retailing, sales enhanced 2.0%, while in other specialized retail trade sales moved up 0.8%.

During the period from January to March 2007, retail sales declined real 1.2% over the same period last year. Nominally, the fall was 0.5%.

Meanwhile, a slew of reports released last week gave positive signals for the largest Euro zone economy. The GfK Consumer confidence report showed that German consumer confidence improved more than expected in April. The forward looking consumer climate indicator surged to 5.5 points for May from 4.4 in April.

The Nuremberg-based GfK said, “With the ending of the anticipated weak phase, the consumer climate made a significant recovery in the first quarter of 2007. Consumer expectations in terms of the economy reached an all-time record level this April, with income expectations and the propensity to buy also on an upward trend.”

The German government raised its 2007 GDP growth forecast to 2.3% from 1.7% earlier. Growth for 2008 is estimated at 2.4%. Many economic research institutes also upgraded their 2007 growth forecasts to 2.4%, which is significantly higher from the 1.4% prediction last autumn.

Business sentiment improved more-than-expected in April, the closely watched Ifo survey indicated Wednesday, as manufacturers brushed aside a stronger euro. The headline index is holding very near its peak of 108.7 attained in December 2006. German business sentiment enhanced for the second month in a row in April.

Dollar Makes Slight Gains Against Euro, Pound And Yen On Monday, Monday, April 30, 2007 8:58:03 AM

The U.S. dollar showed early strength against its major counterparts on Monday morning in New York. The greenback advanced against the euro, pound and yen during the early morning trading. However, while the dollar moved up against its major counterparts during the first part of the day, the release of personal income and spending data in the mid-morning caused the dollar to give back some of its early gains.

The dollar made some gains on the euro in New York on Monday. The greenback made its strongest advance of the session with the release of data on German retail sales at 2 am Eastern Time. The buck continued to gain on the euro during that time, hitting a daily high of 1.3590 at 5 am Eastern Time, when data on Euro zone consumer confidence was released. However, the greenback began to give back some of its gains as the morning progressed, and shortly before 9 am Eastern Time, the dollar traded at 1.3618 against the euro. Even with the gain, the dollar continues to hover below an all-time low against the euro.

The greenback also made slight gains against the pound on Monday in New York. The dollar slowly moved forward throughout the early morning. The release of data on BBA mortgage approvals caused the dollar to move to a daily high of 1.9891 around 5 am Eastern Time. As the morning progressed, the dollar gave back some of its early gains, but the dollar still remained above its starting level for the day. Shortly before 9 am Eastern Time, the greenback traded at 1.9950 against the sterling.

The dollar advanced on the yen on Monday morning in New York as the Japanese markets were closed for a holiday. The greenback slowly moved up on the yen, hitting a daily high of 119.75 at 5 am Eastern Time. The dollar moved off that level as the day progressed, however, and shortly before 9 am Eastern Time, the buck traded at 119.53 against the yen.

Monday morning, the Department of Commerce released its report on personal income and spending in the month of March, which showed that personal income rose 0.7% in March, matching an upwardly revised 0.7% increase in February. The increase came in modestly above economist estimates of a 0.5% increase. At the same time, personal spending rose 0.3% after an upwardly revised 0.7% increase in February. Economists expected personal spending to rise 0.5% compared to the 0.6% increase originally reported for the previous month.

Yen Improves From Record Low Versus Euro Monday Morning, Monday, April 30, 2007 7:50:46 AM

The yen pulled away from a record low against the euro while holding steady versus the dollar Monday morning in New York. Japanese financial markets were closed on Monday for the first of a string of Golden Week holidays.

The yen held steady at around 119.60 against the dollar Monday morning in New York. Traders await the release of PMI data from Chicago later in the day.

The yen firmed up against the euro Monday morning in New York, trading at 162.75, up from Friday`s record low of 163.29. Traders considered data showing Euro zone economic sentiment slightly dropped in April.

After testing a 2 Ѕ month low against the sterling on Friday, the yen advanced to 238.50 approaching mid-morning Monday in New York. Trading took place amid the release of data showing that British consumer confidence improved in April.

Euro Down From Record Highs Against Dollar, Yen, Monday, April 30, 2007 7:35:59 AM

The euro retreated from record peaks against the dollar and yen Monday morning in New York as traders considered data showing Euro zone economic sentiment slightly dropped in April.

The euro pulled away from Friday evening`s record high Monday morning in New York. Approaching mid-morning, the euro fetched 1.3615, down from 1.3681 Friday evening. Traders await the release of PMI data from Chicago later in the day.

The euro eased against the yen Monday morning in New York, fetching 162.70, down from Friday`s record high of 163.29. Japanese financial markets were closed on Monday for the first of a string of Golden Week holidays.

The euro was range-bound against the sterling Monday morning in New York, moving between .6818 and .6835. Trading took place amid the release of data showing that British consumer confidence improved in April.

Aussie Uncertain To Greenback And Loonie, Strengthens To Other Majors; Early Monday, Monday, April 30, 2007 6:02:16 AM

The Australian dollar showed an uncertain trend versus the Greenback and the Loonie during early Monday trading in New York. On the other hand, the Aussie drifted higher against the Euro and the Pound and this came ahead and amid the releases of the German March retail sales, various Euro-Zone economic data and the British March BBA mortgage approvals.

The US March personal income and expenditure, the Chicago purchasing managers index for April and the Canada February GDP are slated for later in the morning.

In the late evening hours on Sunday, the Australian dollar trended lower against its U.S. counterpart. Off 0.8256 by about 8:40 pm ET, the Aussie bounced back most of its losses and hit a high of 0.8283 by about 11:20 pm ET. Soon after, the pair dropped slightly. However, in the small morning hours on Monday, the Aussie showed an uncertain trend and it was worth 0.8275 against the Greenback as of 6:00 am Eastern Time.

The European currency started drifting higher versus the Australian dollar at about 4:45 pm ET Sunday. At about 8:40 pm ET, the pair weakened slightly but it gained momentum again after about a couple of hours. The uptrend helped the euro to collect as much as 1.6500 by about 1:15 am ET Monday. The pair made a steep fall thereafter and has been moving further lower lately. The German March retail sales and various Euro-Zone economic data which were released during the session weakened the euro further. As of 6:00 am Eastern Time, a Euro fetched 1.6428 Aussie.

The British currency spiked higher against the Aussie on Sunday evening in New York and hit a high of 2.4139 at about 8:40 pm ET. The Pound then traded sideways and extended the same trend into the overnight deals on Monday. At about 3:15 am ET, ahead of the release of the British March BBA mortgage approvals, the Pound started ticking down. The pair lost ground further following the release too and as of 6:00 am Eastern Time, a Pound traded at 2.4057 Aussie.

Against the Loonie, the Aussie showed weakness during the evening deals on Sunday, but by about 7:40 pm ET the pair strengthened slightly. However, the Aussie ticked down again soon after and fetched a low of 0.9213 by about 8:55 pm ET. The pair then ticked higher and carried over its uptrend in the very early deals on Monday. However, at about 2:50 am ET, the Aussie gave back some of its gains and then showed choppy trading. As of 6:00 am Eastern Time, an Aussie was quoted at 0.9237 Loonie.

Loonie Generally Higher Early Monday, Monday, April 30, 2007 6:01:16 AM

The Canadian dollar traded higher against the euro and the pound during the European session on Monday. Against the dollar and the yen, the loonie weakened initially, but reversing the trend, the Canadian currency stood higher towards the end of the session.

At 8:30 am ET, the Canadian GDP report for the month of February is expected, and the market is keenly waiting for the same. The US personal income and expenditure data for March and Chicago purchasing manager`s index for April are also slated for release during the North American session of the day. .

The dollar ticked higher against the Canadian currency during the early Monday deals in New York, and the pair collected as high as 1.1199 at 2:30 am ET. The pair dropped off these gains by about 4:00 am, but reversed the trend, after that. Lately, the loonie regained its momentum, and at 5:45 am ET, the pair was quoted at 1.1152.

During the very early deals on Monday in New York, the euro collected as much as 1.5244 Canadian dollars at 2:30 am ET, which constituted the session`s high of the pair. Losing ground at that time, the pair reversed its trend at 4:00 am, but the Canadian currency started ticking up shortly thereafter. At 5:45 am ET, the euro was equal to 1.5152.

The Canadian currency showed weakness against the pound early Monday in New York. This made the pair collect as high as 2.2343 at 2:55 am ET. The loonie then drifted higher, and at 5:45 am ET, the sterling equaled 2.2214 Canadian dollars.

The Canadian dollar trended down against the Japanese yen into the early deals on Monday in New York. the pair thus hit its session`s low at 106.70 at 2:35 am ET. The loonie then rebounded but at 4:00 am, lost ground again. Of late, the pair ticked upwards once again, and at 5:45 am ET, it fetched 107.34.

Greenback Strengthens Early Monday In New York, Monday, April 30, 2007 5:19:06 AM

The US dollar showed strength early Monday across the board. The European session of the day so far moved on the releases like the German retail sales, the euro-zone M3, and the BBA mortgage approvals data-all for the month of March. The Euro-zone business climate indicator for April was released at 5:00 am ET.

Gains of the US currency during the early Monday deals helped the buck regain its early Friday`s highs across the board. The GDP report from the US had weakened the dollar against all it major counterparts early Friday in New York.

The market is now waiting for the British GfK consumer confidence data for April, which is expected at 5:30 am ET. Later in the morning, the US personal income and expenditure data for March and Chicago purchasing manager`s index for April are expected.

The euro was worth 1.3646 dollars at midnight, and the dollar moved higher into the early deals on Monday. German and the euro-zone data release weakened the common currency against the greenback during the session. As of 5:10 am ET, the pair traded at 1.3601.

The US dollar traded higher against the British currency during Monday`s early deals in New York. The pair moved down from its midnight close of 1.9963 until reversing the trend at 2:30 am ET. At 3:00 am, the pair equaled the midnight level, but lost the ground again. As of 5:10 am ET, the pair traded at 1.9900.

The US dollar moved sideways in a tight range into the early deals on Monday in New York. The pair then edged lower into a session`s low of 119.38 by about 2:35 am, and after that, it strengthened. As of 5:10 am ET, the pair equaled 119.66, which may be compared with 119.54, the midnight close of the pair.

The US currency moved sideways into the very early hours on Monday in New York. The pair gained ground at 1:25 am ET, and moving from 1.2043 the pair 1.2093 at 5:10 am ET.

Pound Varied Ahead Of Data Releases From UK, Monday, April 30, 2007 3:53:51 AM

The British currency moved varied into the early morning deals on Monday in New York. While the dollar and the yen strengthened against the pound during the very early deals on Monday, the euro and the franc weakened against it.

Though the sterling started bouncing back against the dollar and the yen at 2:30 am, those trends were reversed within half an hour. At 3:00 am ET, the pound started drifting lower against the euro and the franc too.

Mortgage approvals data for the month of March by the British Banker`s Association and GfK consumer confidence for April are the two releases expected from the British economy on Monday. The German retail sales data came out at 2:00 am ET weakened the euro across the board.

Monday`s early deals in New York saw the British currency weakening against the US dollar. The pair moved down from its midnight close of 1.9963 until reversing the trend at 2:30 am ET. At 3:00 am, the pair equaled the midnight level, but lost the ground again. As of 3:45 am ET, the pair traded at 1.9932.

The sterling held steady at 0.6835-39 against the euro after midnight, but the early deals on Monday saw the pair moving downwards. The pair that lost ground at 1:30 am ET, fetched as low as 0.6818 at 3:00 am. The pair than edged up, and was quoted at 0.6823 at 3:45 am ET.

The British currency weakened against the Japanese yen into the early deals on Monday in New York. The pair moved from 238.68 at midnight and fetched 238.05 at 2:30 am ET before changing direction. The pair lost its momentum within half an hour and was worth 238.28 at 3:45 am ET.

The British pound moved sideways against the Swiss franc into the early hours on Monday in New York. The pair gained ground at 1:40 am ET, and moving from 2.4031 it collected 2.4114 at 3:00 am ET. The sterling then dropped a few pips, and at 3:45 am ET, the pair equaled 2.4098.

Friday, April 27, 2007

Pound Lower Across The Board Early Friday In New York, Friday, April 27, 2007 4:01:16 AM

The British currency weakened across the board during the very early deals on Friday in New York. This came amid a lack of data from the British economy, but amid a slew of releases from France. During the session, the Bank of Japan decided its uncollateralized overnight call rate for April, leaving it unchanged at 0.5%.

The UK car production data for the three months to march is expected at 4:30 am ET. Annualized reports of the US gross domestic production and the personal consumption in the first quarter of 2007 are released later in the morning, which will be closely watched by investors.

The British pound lost ground against the US dollar at midnight. Moving from 1.9926 the pair fetched 1.9865 by about 3:00 am ET. The sterling then picked up a few pips, and it was equal to 1.9887 at 3:55 am ET.

The British currency lost ground against the euro at midnight, and the pair moved from 0.6827 to 0.6835 by about 1:15 am ET. These losses were reversed through the next thirty minutes, but after that, the cable weakened against its European counterpart. At 3:00 am ET, the euro hit as high as 0.6846 of a pound. The pair was down thereafter, and it fetched 0.6838 at 3:55 am.

The British currency weakened heavily against the Japanese yen during the very early Friday in New York. Losing ground at 12:10 am the pair moved from 238.30 to 237.44 by about 3:55 am ET.

The pound saw uncertainty against the franc after midnight, but the pair lost momentum at 1:45 am ET on Friday. Falling from 2.4074 the sterling collected 2.4019 francs at 3:55 am ET.

Swiss Franc Uncertain To Dollar And Yen, Higher To Other Majors; Small Morning Friday, Friday, April 27, 2007 3:48:38 AM

The Swiss currency largely showed an uncertain trend versus the US dollar and the Japanese Yen during the small morning hours on Friday. The Bank of Japan`s unchanged rate decision which was released earlier today weakened the Franc against the Yen, but the pair bounced back completely and showed an uncertainty soon after.

Against the Euro and the Cable, the Swiss Franc drifted higher during the session. The Franc was higher to the Euro ahead and amid the releases of the French economic data.

The US dollar showed choppy trading versus the Swiss Franc in the late deals on Thursday, but by about 10:45 pm ET the pair lost ground. Off 1.2074 by about 12:10 am ET Friday, the dollar spiked higher to 1.2089 within about a couple of hours. The pair then slipped again and as of 3:47 am Eastern Time, a dollar fetched 1.2077 Francs.

During late Thursday in New York, the European currency trended higher against the Swiss Franc and collected as much as 1.6450 at about 10:00 pm ET. Soon after, the euro gave back some of its gains and edged further lower in the overnight deals on Friday. As of 3:47 am Eastern Time, a Euro traded at 1.6421 Francs.

At about 8:35 pm ET Thursday, the British currency traded slightly higher against the Swiss Franc. However, the pair showed choppy trading within a little longer than hour. In the small morning hours on Friday, the Cable made a steep fall and as of 3:47 am Eastern Time, it was quoted at 2.4022 Francs.

Against the Yen, the Swiss currency showed strength in the late evening hours on Thursday and hit as high as 99.03 by about 9:00 pm ET. The pair weakened slightly thereafter but it entered a range after about an hour. However, at about 12:35 am ET Friday, ahead of the release of the BoJ`s rate decision and the annualized housing starts data for March, the Franc lost ground and continued its downtrend following the releases. Off 98.78 by about 1:25 am ET, the pair rebounded most of its losses but it lost ground again at about 2:40 am ET. Largely the pair showed an uncertain trend during the session and as of 3:47 am Eastern Time, a Franc collected 98.79 Yen.

Euro Sees Mixed Trading Early Friday In New York, Friday, April 27, 2007 3:21:09 AM

The European currency saw mixed trading early Friday in New York. The euro moved down against the dollar but higher against the pound ahead of the French consumer confidence release. Meanwhile, the euro reversed its losses against the yen, which were posted after midnight. To the Swiss currency, the euro moved sideways until turning slightly downwards at about 2:00 am ET.

France consumer confidence recorded minus 20 in April against the minus 22 touched in March. The consensus was minus 21. Another release showed that the French ILO jobless rate grew 8.3% from 8.4% hit in February. And, the producer prices climbed 0.3% for France on month in March, in line with the market expectations.

Amid the French releases, the euro ticked up against the pound, but it moved down against the rest of majors.

The euro lost ground against the dollar at 1:10 am ET on Friday. The pair fell off 1.3610, and fetched 1.3586 at 2:20 am. The euro then saw uncertainty versus the buck. As of 3:15 am ET, the pair was worth 1.3593.

The European currency gained ground against the sterling at midnight, and the pair moved from 0.6827 to 0.6835 by about 1:15 am ET. These gains were given back through the next thirty minutes, but after that, the common currency staged a surge against its British counterpart. At 3:15 am ET, the euro was equal to 0.6838 of a pound.

The European currency drifted lower against the Japanese yen into the very early hours on Friday in New York. Losing ground at 12:10 am ET the pair weakened from 162.73 to 162.45 by about 1:25 am ET. The pair then bounced back and leveled its midnight quotes by about 2:45 am. The euro dropped a few pips thereafter, and at 3:15 am ET, it fetched 162.51 yen. The euro had set a record high against the yen, when the pair hit 162.85 at 9:00 pm on Thursday.

Losing ground against the Swiss Franc at 10:00 pm ET on Thursday the euro moved from 1.6450 to 1.6431 by midnight. The pair then moved sideways, and moved out of that range at 2:00 am ET on Friday. As of 3:15 am ET, the euro equaled 1.6427 francs.

Greenback Advanced Slightly Versus Singapore Dollar, Uncertain To Hong Kong And Malaysian Counterparts; Late Thursday,Friday, April 27, 2007 2:44:19

Late Thursday in New York, the US currency made some advances versus the Singapore dollar, but it was uncertain against the Hong Kong and the Malaysian currencies. However, the Greenback held steady with the Thai Baht.

On the other hand, the dollar showed an uncertain against the South Korean Won, but it strengthened slightly versus the Indian Rupee.

Following various Japanese economic releases during late Thursday evening, the Greenback gained some momentum versus the Yen. But the pair gave back the gains by about 9:00 pm ET. Overnight Friday in New York, the Bank of Japan left its uncollateralized overnight call rate unchanged at 0.5%. The dollar continued its downtrend amid the release.

Against the Singapore dollar, the Greenback showed choppy trading until about 10:00 pm ET Thursday, but declined thereafter. Off 1.5145 by about 10:35 pm ET, the pair bounced back completely and steadied further higher. As of 2:41 am Eastern Time Friday, a Greenback fetched 1.5168 Singapore dollars.

The US currency traded in a loose range versus the Hong Kong dollar on late Thursday in New York. The Buck slid briefly by about 9:25 pm ET, but it drifted higher within a few minutes and then entered a range again. The pair extended the same trend into the overnight deals on Friday and as of 2:41 am Eastern Time, a Buck traded at 7.8212 Hong Kong dollars.

The US dollar made a sharp spike higher against the South Korean currency at about 8:05 pm ET Thursday. However, the dollar gave back most of its gains soon after and showed an uncertain trend. Lately the pair has been resuming the same trend and as of 2:37 am Eastern Time Friday, a dollar was quoted at 928.7000 Won.

Late Thursday in New York, the US dollar moved sideways against its Indian counterpart. At about 11:25 pm ET off 40.6750 the dollar gained momentum to 41.1000 within a few minutes. However, in the small morning hours on Friday, the dollar shed a few pips and collected 41.0750 Rupees as of 2:41 am Eastern Time.

Much of the late hours on Thursday, the US currency held steady at 32.3250 against the Thai Baht. However, at about 12:50 am ET Friday, the Greenback started to trade higher and has been moving further higher currently. As of 2:41 am Eastern Time, a Greenback was worth 32.7300 against the Thai Baht.

Thursday, April 26, 2007

Dollar Up On Other Majors, Thursday, April 26, 2007 10:43:50 AM

The U.S. dollar advanced on its major counterparts on Thursday morning in New York. The greenback reached weekly highs against the sterling and yen. Additionally, it moved away from multi-year lows against both the euro and pound. The dollar`s early trading against its major counterparts happened amid the release of weekly jobless claims for the U.S.

The dollar advanced off of a two-year low against the euro on Thursday morning in New York. The greenback moved away from that low throughout the morning, making a sharp surge at 5:30 am Eastern Time. The dollar reached its daily high of 1.3604 at 8:30 am Eastern Time, before cooling off slightly. The pair was range bound for the next two hours.

The greenback gained to a weekly high on the yen Thursday morning in New York. The dollar`s advance began in the early morning and continued into the middle of the day. The greenback got as high as 119.48 at 8:30 a.m. ET. Trading was generally stable from there. The pair was at 119.31 at 10:45 a.m. ET. Thursday`s trading between the dollar and the yen came as the new Japanese Prime Minister visited the White House for the first time since he took office.

The dollar climbed to a weekly high against the pound during Thursday morning`s trading in New York. In the early morning, the greenback moved away from a weekly low against the pound, which hovered above a 26-year low the dollar saw versus the sterling last week. The greenback began to trend up at around 3 a.m. ET and reached as high as 1.9922 at 10 a.m. ET.

Thursday morning, the Department of Labor released its report on initial jobless claims in the week ended April 21. The report showed that jobless claims fell by more than economists had been expecting. The Labor Department said jobless claims fell to 321,000 from the previous week`s revised figure of 341,000. Economists had expected jobless claims to fall to 330,000 from the 339,000 originally reported for the previous week.

Germany May GfK Consumer Confidence Tops Expectations, Thursday, April 26, 2007 10:27:07 AM

German consumer confidence improved more than expected, a key survey revealed Thursday, signaling strong economic upswing in the largest Euro zone economy.

The latest GfK survey showed that the consumer climate indicator surged to 5.5 points for May from 4.4 in April. The level came in way above expectations. Economists expected the index to edge up to 4.5 from 4.4.

The forward looking GfK survey is based on nearly 2,000 consumer interviews conducted each month on behalf of the EU Commission.

The Nuremberg-based GfK said, “With the ending of the anticipated weak phase, the consumer climate made a significant recovery in the first quarter of 2007. Consumer expectations in terms of the economy reached an all-time record level this April, with income expectations and the propensity to buy also on an upward trend.”

The survey results indicate that consumers are increasingly embracing the apparent signs of strong pick-up in German economic growth. On Wednesday, the German government raised its 2007 GDP growth forecast to 2.3% from 1.7% earlier. Growth for 2008 is estimated at 2.4%. Many economic research institutes also upgraded their 2007 growth forecasts to 2.4%, which is significantly higher from the 1.4% prediction last autumn.

The sub-indicator for economic expectations rose nearly eight points to touch a level of 61. The GfK noted that the level represents an absolute peak value since monthly consumer climate surveys first began in 1980.

The survey agency noted that “The overall good situation on the job market and further marked increases in wage and salary levels mean that in addition to the generally positive economic outlook, income expectations are also rising sharply. After the weak phase in the first quarter, these positive facts are now also likely to encourage the propensity to buy.” GfK added that “The fall in unemployment levels is even more rapid than originally anticipated in August last year.”

Income expectation showed a marked increase in April. The corresponding indicator shot up by 14 points to reach 29.6, logging the fourth climb in a row. The 29.6 reading was surpassed only once, in April, nearly six years ago.

Consequently, the propensity to buy indicator climbed for the second straight month. The index gained six points to stand at minus 6.5 points. Going forward, the propensity to buy is expected to recover further. The GfK stated that the trend confirms its anticipation that the weak phase was confined to the first quarter, largely due to the special effect resulting from the VAT hike earlier in the year.

The consumer confidence report came on the heels of upbeat business confidence data. German business sentiment improved more-than-expected in April, the closely watched Ifo survey indicated Wednesday, as manufacturers brushed aside a stronger euro. The Ifo business climate indicator for trade and industry stood at 108.6 for April, the Munich-based Ifo Research institute said. The headline index is holding very near its peak of 108.7 attained in December 2006. Business sentiment in the largest Euro zone economy enhanced for the second month in a row in April.

Canadian Dollar Gains On Majors, Thursday, April 26, 2007 10:18:34 AM

The Canadian dollar strengthened against the major currencies on Thursday in New York. The loonie reached a five-month high against the sterling and remained stable near a two-month best against the euro. The loonie also advanced off of a multi-month low versus the dollar.

The Canadian dollar climbed off of a seven-month low against the greenback on Thursday during morning trading in New York. At around 3 p.m. Wednesday, the loonie hit 1.1134, its lowest level since early September. The Canadian dollar began to climb at around 4 a.m. ET and reached as high as 1.1215 at 7:45 a.m.

The loonie was range-bound with the euro near a two-month high. The Canadian dollar tested its highest level since late February on Wednesday afternoon and has remained stable near that mark. The loonie reached a daily high of 1.5198 at 4 a.m. It briefly slipped at around 8 a.m. but quickly recovered those losses within a half hour.

The Canadian dollar climbed to a five-month high against the British pound on Thursday. The loonie dropped rising at about 3 a.m. Eastern Time and continued to climb until after 9 a.m. At 9:15 a.m., the loonie got as high as 2.2254. This is its best mark of 2007.

Eastern European Currencies Come Off Yearly Highs Against Dollar, Thursday, April 26, 2007 9:54:18 AM

The major Eastern European currency saw mild declines against the dollar on Thursday morning in New York, as traders took some profits after the recent rally. The move took the currencies off their recent highs against the greenback.

The Russian rouble began a decline late Wednesday that continued steadily during the first half of Thursday`s morning trading in New York. This reversed gains posted over the past couple days and took the rouble off its yearly high.

The Polish zloty spent morning trading in New York drifting lower against the dollar as well. The decline began in the early morning hours and lasted into the mid-morning. With the retreat, the currency reached a level of 2.7755. The move took the zloty off yearly highs.

The Hungarian forint also declined against the dollar during morning New York trading on Thursday. As with its Polish counterpart, the retreat began in the early morning hours and continued steadily into the mid-morning. The move reversed some gains posted earlier in the week, as the forint came off its yearly highs.

Wednesday, April 25, 2007

Germany April Ifo Business Sentiment Surges To Near December Peak, Wednesday, April 25, 2007 9:29:48 AM

German business sentiment improved more-than-expected in April, a closely watched survey indicated Wednesday, as manufacturers remained upbeat, brushing aside a stronger euro.

The German Ifo business climate indicator for trade and industry stood at 108.6 for April, the Munich-based Ifo Research institute said. In March, the index showed a reading of 107.7. Economists expected the index to gain a point to touch 107.8 in April.

The Ifo Business Climate Index is computed on the basis of 7,000 monthly survey responses of firms in manufacturing, construction, wholesaling and retailing.

The Ifo noted that Germany is profiting from the extraordinary international investment boom, which due to the nation`s specialization, is having a stronger cyclical impact than in the other major European countries.

The headline index is holding very near its peak of 108.7 attained in December 2006. Business sentiment in the largest Euro zone economy enhanced for the second month in a row in April.

Among sub-indices, the index, which represents the current assessment of the economy, showed a reading of 113.2. Markets expected the gauge to edge up to 112.5 from 112.4 recorded in the prior month.

The gauge reflecting economic expectations moved up to 104.3 in April. Economists anticipated the index to climb to 103.5 from 103.2 logged in April. The current reading is the highest since April last year, when it was 105.3.

As a sector, business climate in manufacturing rose further in April. Manufacturers viewed the current as well as future business situation favorably. Moreover, manufacturing firms were “more optimistic regarding exports despite the stronger euro”, the Ifo stated. The European currency flirted with fresh two year-highs against the dollar on Wednesday.

Other sectors such as retailing and wholesaling also showed markedly brightened business climate during April. The Ifo noted that the sluggishness that resulted from the VAT hike earlier in the year continues to lose steam. This was evident from the fact that firms in both sectors gave more positive evaluation of current situation as well as six-month outlook. In the construction sector, the business climate remained rather unchanged.

Separately, the Ifo said business climate rose again in the German services sector “from an already high level.” While firms assessed the current business situation more positively for the second straight month, they were more optimistic on the six-month period ahead. That said, a decline was noticed in the number of firms that intend to recruit additional staff.

The upbeat news from Ifo was followed by a bullish growth forecast from the government. The German government raised its 2007 GDP growth forecast to 2.3% from 1.7% earlier. Growth for 2008 is estimated at 2.4%.

In a research note, BNP Paribas economists said, “All in all, this strengthening confidence is impressive. Further improvement takes place while the index has already reached a historical high, much above the peak of the previous business cycle (102.2 in May 2000). The German economy should however face notable headwinds (VAT hike, euro strengthening and US slowdown) over the year.”

The team went on to add that “Even if suffering from weak consumption, especially in the first quarter of the year, export and investment could induce buoyant manufacturing activity in the months to come.”

Dollar Uncertain With Euro, Pound; Gains On Yen, Wednesday, April 25, 2007 9:03:41 AM

The U.S. dollar was generally uncertain against its major counterparts on Wednesday morning in New York. In trading with the euro and the pound, the dollar lost ground in the early morning, but reversed some of the early losses with the mid-morning release of the stronger-than-expected durable goods data. Meanwhile, the greenback gained consecutively against the yen throughout the morning.

The dollar saw uncertain trading with the euro on Wednesday morning. Shortly before 7 am Eastern Time, the dollar fell to 1.3659, its lowest level against the euro since November 2004. The move came a little after the release of a report in Europe indicating German business sentiment improved more-than-expected. The dollar, however, reversed its earlier losses with the release of the durable goods data. Shortly before 9 am Eastern Time, the pair was back at its overnight numbers, trading around 1.3634.

The greenback was also uncertain in trading with the pound on Wednesday morning in New York. Throughout the early morning, the dollar traded at its lowest level since late last week when it touched 2.0062 around 2:30 am Eastern Time. This was the closest the dollar has come to the 26-year low it set against the sterling last week. The greenback soon moved off the low, however, and the pair moved sideways into the mid-morning when the release of durable goods data in the US caused the greenback to rise to overnight numbers. Shortly before 9 am Eastern Time, the dollar traded around 2.0026 against the pound.

Meanwhile, the dollar gained on the yen throughout Wednesday morning in New York. The early morning trading between the two currencies came after data released overnight showed Japan`s trade surplus hit a record high in March. The report did little to help the yen, however, as the dollar began moving higher shortly before 3 am Eastern Time. The buck moved to a daily high of 118.84 with the release of the durable goods data from the US. Shortly before 9 am Eastern Time, the pair traded around 118.71.

Wednesday morning, the Department of Commerce released its advance report on durable goods orders in the month of March, showing that orders for durable goods rose 3.4% in March following an upwardly revised 2.4% increase in February. Economists had expected orders to rise 2.5% compared to the 1.7% increase originally reported for the previous month.

Metals Up Slightly In Early U.S. Action, Wednesday, April 25, 2007 8:56:35 AM

Metal prices were generally up slightly in Wednesday`s early U.S. trading. Gold, copper and palladium posted slight gains. Silver and platinum were little changed.

Gold prices were up in early trading on Wednesday on a weakening dollar. Gold for May delivery was at $686.70, up $2 on the day. In general, prices have been uncertain in recent trading.

Copper advanced in early trading on Wednesday after falling the previous afternoon. Copper for May delivery was at $3.589, up 3.55 cents on the day. Trading has been range-bound for about a week.

Silver was little changed at the start of Wednesday`s U.S. trading session. May silver was down 1.2 cents to $13.77. The metal has traded in a range for about two weeks.

Palladium was up slightly in Wednesday`s early trading. Palladium for June was up $1.50 at $380.50. The metal remains near a level of resistance.

Platinum was little changed early in Wednesday`s trading session. Platinum for July delivery was at $1,312.50, up $1.

Durable Goods Orders Rise More Than Expected In March, Wednesday, April 25, 2007 8:54:29 AM

Wednesday morning, the Department of Commerce released its advance report on durable goods orders in the month of March, showing that orders increased by much more than economists had been expecting.

The report showed that orders for durable goods rose 3.4 percent in March following an upwardly revised 2.4 percent increase in February. Economists had expected orders to rise 2.5 percent compared to the 1.7 percent increase originally reported for the previous month.

The increase in orders for durable goods, which are goods meant to last at least three years, was partly due to strong growth in orders for transportation equipment. Excluding orders for transportation equipment, durable goods orders rose by a more modest 1.5 percent.

The Commerce Department said orders for transportation equipment rose 8.0 percent in March after surging up 10.2 percent in February. A 37.6 percent increase in orders for commercial aircraft and parts helped to offset a 48.8 percent drop in orders for defense aircraft and parts.

Notable increases in orders for non-defense capital goods, communications equipment, and machinery also contributed to the overall increase in durable goods orders.

At the same time, the report showed that orders for defense capital goods showed a significant decline. Excluding defense, new orders for durable goods increased 4.5 percent.

The report also showed that shipments of durable goods rose 0.8 percent in March following a 1.4 percent decrease in February. Additionally, inventories of durable goods rose 0.3 percent in March after edging up 0.1 percent in the previous month.

Yen Inches Back Towards Record Trough Versus Euro; Range-bound To Other Majors, Wednesday, April 25, 2007 7:09:50 AM

The yen stayed near an all-time low from earlier in the month against the euro Wednesday morning in New York. Data released overnight showed Japan`s trade surplus hit a record high in March.

The yen edged towards a record low against the euro Wednesday morning in New York, falling to 161.98 from an overnight level of around 161.50. German business sentiment improved more-than-expected in April, a closely watched survey indicated Wednesday.

The yen continued to see choppy dealing against the dollar Wednesday morning in New York, trading in a range between 118.30 and 118.70. Market players await U.S. durable goods data and the Fed`s Beige Book later in the day.

The yen pared most of its gains from the previous session against the sterling Wednesday morning in New York, slipping to 237.99 after reaching 236.90 Tuesday night. Traders considered data showing that the U.K. real GDP beat expectations to grow 0.7% in the first quarter of 2007.

Euro Edges Toward Record Highs Against Dollar And Yen,Wednesday, April 25, 2007 6:50:31 AM

The euro inched closer to record levels against the dollar and yen Wednesday morning in New York after a closely watched survey indicated German business sentiment improved more-than-expected in April.

The euro approached a two-year old record high of 1.3665 against the dollar Wednesday morning in New York. The euro fetched 1.3654 in early dealing, up from an overnight level of 1.363. Market players await U.S. durable goods data and the Fed`s Beige Book later in the day.

The euro edged towards a record high against the yen Tuesday morning in New York, rising to 161.98 from an overnight level of around 161.50. Data released overnight showed Japan`s trade surplus hit a record high in March.

The euro hovered around a near-term high from the previous session Wednesday morning in New York, fetched .6812 at 7 am ET. Traders considered data showing that the U.K. real GDP beat expectations to grow 0.7% in the first quarter of 2007.

Loonie Unchanged Against Yen, Weak Against Other Majors-European Session Wednesday, Wednesday, April 25, 2007 6:10:06 AM

The Canadian currency saw mixed trading during the European session on Wednesday. The loonie weakened against the dollar, the euro and the pound, but it stood little changed against the yen towards the end of the session.

The Bank of Canada had decided its monetary policy for the month of April on Tuesday leaving the benchmark interest rate unchanged at 4.25%.

No key economic releases are expected from Canada on Wednesday, and the traders are largely looking forward to the monetary policy report by the BoC expected by late morning, Thursday in New York.

The Canadian currency weakened against the US dollar into the very early deals on Wednesday. The pair strengthened from the midnight close of 1.1203 to 1.1225 by about 4:05 am ET. The pair then lost its upward momentum, but started bouncing back, shortly. At 6:05 am ET, the US dollar fetched 1.1222 Canadian dollars.

The euro moved upwards against the Canadian currency early Wednesday until the German IFO data was released. The release weakened the pair briefly, but it started trading higher again, shortly. As of 6:05 am ET, the euro was equal to 1.5316 loonie. This is compared with the 1.5266, which was the small morning low of the pair, hit at 1:30 am ET.

The British currency gained ground against the Canadian dollar at 1:00 am ET on Wednesday. Climbing up from 2.2433 the pair traded at 2.2506 at 3:05 am before changing it direction. At 4:45 am, the pair regained its momentum and as of 6:05 am ET, it was equal to 2.2495.

The Canadian currency lost ground against the Japanese yen at about 12:50 am ET on Wednesday. Moving down from 105.79 the pair traded at 105.48 at 2:20 am ET. The loonie then rallied, and was quoted at 105.74 by about 6:05 am ET. This nearly leveled the midnight quotes of the pair.

Aussie Advances Against Majors Early Wednesday, Wednesday, April 25, 2007 5:31:20 AM

The Australian dollar spiked higher against the other major currencies during early trading on Wednesday in New York. The German April IFO business climate indicator and the British Q1 GDP preliminary report which were released during the session weakened the Aussie slightly against the Euro and the Pound respectively.

The US March durable goods orders and the new home sales data are slated for later in the morning followed by the Federal Reserve`s Beige book at 2:00 pm ET. The Australian Westpac leading index for February is scheduled for later in the day.

Against the U.S. dollar, the Australian currency trended higher in the late evening hours on Tuesday. At about 9:35 pm ET, the pair dropped slightly and then showed a choppy trend. The Aussie gained momentum again at about 2:15 am ET Wednesday and has been continuing its uptrend lately. As of 5:30 am Eastern Time, an Aussie was worth 0.8334 against the Greenback.

During late Tuesday evening, the European currency ticked down versus the Australian dollar. The euro gained a few pips by about 9:35 pm ET, but the pair followed a sideways movement within a few minutes. The euro extended the same trend until about 2:15 am ET Wednesday. The pair made a steep fall thereafter and touched an early morning low of 1.6346 by about 3:55 am ET. Soon after, following the release of the German IFO business climate indicator for April, the euro strengthened slightly but has been ticking down again currently. As of 5:30 am Eastern Time, a Euro fetched 1.6368 Aussie.

The British currency fell sharply against its Australian counterpart on late Tuesday evening. Off 2.4092 by about 7:15 pm ET, the pair made some advances and showed an uncertain trend thereafter. At about 2:15 am ET Wednesday, ahead of the release of the British Q1 GDP preliminary report, the Pound dropped off heavily. However, amid the release, the pair reversed a few of its losses but has been moving down again of late. As of 5:30 am Eastern Time, a Pound traded at 2.4048 Aussie.

To the Loonie, the Aussie showed strength during late Tuesday in New York. The pair lost ground slightly at about 9:35 pm ET and then entered a tight range. The Aussie resumed the same trend into the very early deals on Wednesday, but by about 1:40 am ET it spiked higher. The uptrend helped the pair to hit a high of 0.9357 by about 4:00 am ET. Lately the Aussie is weakening slightly and it was quoted at 0.9344 Loonie as of 5:30 am Eastern Time.

Dollar Seen Mixed After Key Releases, European Session Wednesday, Wednesday, April 25, 2007 5:23:22 AM

The US dollar showed varied trading early Wednesday in New York. Towards the end of the European session, the greenback remained lower against the euro and the pound but higher versus the Swiss and the Japanese counterparts.

The German IFO data for April and the British GDP data for first quarter were the key releases drove the deals in the session.

The German IFO business sentiment improved more-than-expected in April. The climate indicator stood at 108.6 for April versus the 107.7 recorded in March. Economists expected the index to touch 107.8 in the current month.

Another release showed that the U.K. real GDP grew 0.7% in the first quarter of 2007. This came when the market expected an expansion of 0.6%.

Later in the morning, the US durable goods orders and the new home sales data for the month of March are expected followed by the Federal Reserve`s Beige book in the afternoon.

The new home sales are expected to grow 3.2% in March versus the 3.9% decline recorded in February. The durable goods orders are also expected to hit higher numbers in March compared to the previous month`s figures.

The US dollar weakened against the euro early Wednesday in New York. The greenback moved higher into the small hours of the day to hit a session`s high at 1.3619. This was by about 1:30 am ET, after which the pair strengthened. The buck was quoted at 1.3653 at 2:40 am ET against the euro, but the pair moved sideways thereafter. The IFO data caused very little price effects on the pair at 4:00 am ET. As of 5:15 am ET, the euro collected 1.3647 dollars.

The US currency weakened against the British currency in the very early deals on Wednesday in New York. The pair strengthened from 2.0019 to 2.0064 during the time between 1:10 am and 2:35 am ET. However, the buck bounced back quickly. The pair regained its momentum shortly, and as of 5:15 am ET, the sterling collected 2.0047 US dollars.

The US currency weakened against the Japanese yen into very early Wednesday in New York. The pair reversed its direction at 2:20 am ET. Climbing up from 118.27 the pair collected 118.60 by about 3:55 am. The dollar then moved sideways versus the yen, and at 5:15 am ET, the pair was quoted at 118.56.

The US dollar moved downwards against the Swiss franc into the small hours on Wednesday in New York. The pair thus hit as low as 1.1994 at 2:40 am ET. The greenback rebounded thereafter, and the pair collected its session`s high of 1.2043 at 3:35 am ET. The pair then moved sideways, and it was equal to 1.2033 at 5:15 am ET.

Tuesday, April 24, 2007

Dollar Generally Down After Plunge During Late Morning In New York, Tuesday, April 24, 2007 3:53:47 PM

The U.S. dollar was generally down for the day against its major counterparts on Tuesday. The greenback saw sharp declines at around 10 a.m. after the release of consumer confidence and existing homes data in the U.S. The greenback stayed down against the euro. The buck rallied against the other two and was slightly up for the day on the yen, but slightly down against the pound.

The dollar dropped to another two-year low against the euro on Tuesday after consumer confidence data was released in the U.S. Trading was level until about 6:30 a.m. when the dollar began to slip. The slide increased sharply after the 10 a.m. release of consumer confidence data and reached as low as 1.3634 at 10:30 a.m. ET Trading was flat from there. Trading during the morning took place amid the release of Euro zone industrial orders for February, which rose 4.7% on the year.

The greenback dropped in mid-morning trading against the pound on Tuesday in New York. Trading was sideways until about 5 a.m. when the dollar fell sharply for about two hours. Trading leveled off for a bit with the dollar getting back some of its losses. However, the buck slipped again after the consumer confidence data announcement and dropped to its lowest level in two days by 10:15 a.m. The dollar bounced back for the next few hours to get back below 2.0000, but fell back above that mark in late-afternoon trading. The pair was at 2.0009 at 3:45 p.m.

The buck dropped in late morning trading with the yen in New York, giving back gains from earlier in the day. The pair has been range bound over the last week, since the dollar moved off a two-month high against its Japanese counterpart. The dollar began moving toward the high end of the range during the early morning after data released overnight showed that Japan`s corporate service price index rose in March. The greenback touched a daily high of 118.94 around 6 am Eastern Time. The dollar began to slip at around 8 a.m. At 10 a.m. the consumer confidence report sent the dollar down sharply. The dollar, however, bounced back before noon ET before settling at around 3 p.m. ET. The pair traded at 118.56 at 3:45 p.m.

Tuesday morning, the Conference Board released its report on consumer confidence in the month of April, showing that consumer confidence deteriorated more than economists had been expecting compared to the previous month. The Conference Board said that its consumer confidence index fell to 104.0 in April from a revised 108.2 in March. Economists had been expecting the index to fall to 105.0 compared to the 107.2 originally reported for the previous month. Separately, the National Association of Realtors said that existing home sales fell 8.4% to a seasonally adjusted annual rate of 6.12 million units in March from a 6.68 million unit rate in February. Economists had been expecting a more modest decline to a 6.45 million unit rate.

Yen Varied On Tuesday Against Counterparts, Tuesday, April 24, 2007 3:17:51 PM

The yen was varied against its counterparts in action on Tuesday. The currency moved as Japan announced corporate service price index for March.

Against the sterling, the Japanese currency saw little movement on Tuesday afternoon. The yen bounced betwen a low of 237.90 and a high of 236.42. In general, the yen is near a week and a half high against the cable.

The yen saw weakness against the euro on Tuesday during trading. The Japanese currency declined to a mark of 161.60 in the afternoon. In general, the yen is week and a half low against the currency.

The yen was choppy against the dollar in trading on Tuesday. The currency moved between a low of 118.90 and a high of 118.37. In general, the Japanese currency is within the range of the past week.

Japanese Corporate Service Price Index gained 0.6% on year in March in a preliminary report from the Bank of Japan. The index rose at a slower pace of 0.4% in February. On a monthly basis, corporate service prices increased 0.7%, larger than 0.2% last month.

Pound Falters On Tuesday, Tuesday, April 24, 2007 2:18:06 PM

The pound stumbled against its major counterparts on Tuesday afternoon. The currency traded as the UK reported on its public sector monthly debate for March.

In trading with the euro, the sterling saw weakness on Tuesday. By the afternoon, the British currency had declined to a mark of 0.6809 against the euro. Overall, the pound is at a week and a half low.

The British pound was choppy against the dollar on Tuesday. The currency ranged between a high of 2.0033 and a low of 1.9959. On the whole, the pound continues to move near a multi-year high against the buck.

Against the yen, the British currency saw little movement on Tuesday afternoon. The pound bounced betwen a high of 237.90 and a low of 236.42. In general, the sterling is near a week and a half low against the yen.

The public sector net borrowing, the government`s preferred measure of public finances, was GBP33.6 billion in 2006/07, the lowest since 2003/04. The borrowing was with the Treasury`s target of GBP35.0 billion revealed in last month`s report. Net borrowing was higher at GBP38.billion in the previous year. The public sector net cash requirement in 2006/07 was GBP35.1 billion, while in 2005/06 it was GBP40.0 billion.

Euro Strong Versus Counterparts, Tuesday, April 24, 2007 2:12:48 PM

The euro was strong in trading against its major counterparts on Tuesday. The currency moved as the Euro-Zone reported on Industrial New Orders.

The euro was strong against the dollar in trading on Tuesday. The advance brought the currency to a mark of 1.3621 in the early afternoon. On the whole, the euro is at a weekly high.

In trading with the sterling, the euro saw strength on Tuesday. By the afternoon, the European currency had risen to a mark of 0.6809 against the cable. Overall, the euro is at a week and a half high.

The euro saw strength against the yen on Tuesday during trading. The euro rose to a mark of 161.60 in the afternoon. In general, the euro is week and a half high against the currency.

Industrial new orders index fell 0.7% on month in February versus revised 0.1% decline last month. The number for January was revised from 0.2% drop estimated earlier. Economists were looking for an increase of 1.0% on month.

Aussie Slightly Higher Against Majors Early Tuesday, Tuesday, April 24, 2007 5:40:49 AM

Following the release of the Australian Q1 Consumer price index data at 9:30 pm ET Monday, the Australian dollar fell sharply against its major counterparts. Around midnight, the major Aussie pairs followed a sideways movement and extended the same trend until about 1:30 am ET Tuesday. Soon after, the Aussie lost ground further but by about 2:30 am ET, the major Aussie pairs bounced back some of its losses. The Italian February retail sales and the Euro-Zone industrial new orders data released during the session is likely to have an effect on trading in the Aussie versus the Euro.

The Bank of Canada rate decision, the British CBI industrial trends- total orders data for April and the US April Richmond Feb manufacturing index, consumer confidence data and the existing home sales for March are scheduled for later in the morning.

In the late evening hours on Monday, the Australian dollar showed choppy trading against its U.S. counterpart. At about 9:30 pm ET, following the release of the Australian Consumer price index for Q1, the Aussie trended lower. The pair showed a choppy trend again within about an hour, but by about 1:30 am ET Tuesday the Aussie edged further lower. After touching an early morning low of 0.8233 by about 2:30 am ET, the pair made some advances. As of 5:39 am Eastern Time, an Aussie was worth 0.8252 against the Greenback.

To the Aussie, the European currency traded in a range until the Australian Q1 Consumer price index data was released on late Monday. Amid the release, the euro made a sharp spike higher but entered a range again around midnight. However, at about 1:30 am ET Tuesday, the euro traded further higher and collected as much as 1.6465 within about an hour. Soon after, the pair gave back some of its gains and as of 5:39 am Eastern Time, a Euro fetched 1.6437 Aussie.

During late Monday, the British currency moved sideways against the Australian dollar and this was ahead of the release of the Australian Consumer price index for Q1. However, following the release, the Pound made advances but by about 10:20 pm ET the pair followed a sideways movement again. However, at about 1:30 am ET Tuesday, the Pound strengthened further and hit a high of 2.4243 within about an hour. The pair dropped slightly thereafter and as of 5:39 am Eastern Time, a Pound traded at 2.4207 Aussie.

Against the Loonie, the Aussie traded slightly higher in the late evening deals on Monday in New York. After collecting as much as 0.9357 by about 8:05 pm ET, the pair showed an uncertain trend. However, the Australian Q1 CPI data released at 9:30 pm ET weakened the Aussie heavily but the pair showed an uncertainty within about an hour. The Loonie ticked down again at about 1:30 am ET Tuesday and hit a low of 0.9233 by about 2:30 am ET. The pair then gained some momentum and as of 5:39 am Eastern Time, an Aussie was quoted at 0.9247 Loonie.

Dollar Down Against Franc, Uncertain Versus Rest Of Majors European Session Tuesday,Tuesday, April 24, 2007 5:35:37 AM

The US dollar weakened against the Swiss Franc, but it largely showed uncertainty against the rest of majors early Tuesday in New York.

The European session of Tuesday witnessed a slew of economic releases such as the Swiss February trade balance, the Swiss March UBS consumption indicator, the Italian February retail sales and the Euro-zone industrial new orders data for February. The British CBI industrial trends data of total orders will be released at 9:15 am ET.

However, the market is now keenly waiting for the US existing home sales data for March, which is expected at 10:00 am ET. The Richmond Fed`s manufacturing index and the US consumer confidence data for April are also released simultaneously, and are likely to drive the deals.

The euro stood little changed against the greenback after the European session on Tuesday. The pair hit a session`s low of 1.3551 at 2:20 am and a high at 1.3577 as of 3:05 am ET. However, towards the end of the session, the pair traded near its midnight quotes. As of 5:30 am ET, the euro fetched 1.3564 US dollars.

The US currency trended slightly lower against the British pound into the small hours on Tuesday in New York. However, after hitting as low as 1.9960 at 3:10 am ET, the pair saw choppy trading. Of late, the gains were given back, and the pair equaled 1.9976 as of 5:30 am ET. This leveled the midnight quotes by the pair.

Losing ground at 12:45 am ET on Tuesday the US dollar equaled 118.40 yen within about an hour. The pair moved sideways for about an hour and a half, but trended higher afterwards. As of 5:30 am ET, the US currency was quoted at 118.59 against its Japanese counterpart.

The US dollar collected as high as 1.2105 Swiss Francs shortly before the Swiss trade balance data was released Tuesday. The data weakened the greenback against its Swiss counterpart. The UBS data came out at 4:00 am ET added to the losses of the buck. As of 5:30 am ET, the dollar was worth 1.2072 francs.

Swiss Franc Uncertain To Euro, Rises To Other Majors; Small Morning Tuesday Hours, Tuesday, April 24, 2007 3:57:04 AM

During the small morning hours on Tuesday, ahead of the release of the Swiss trade balance data for March, the Swiss currency showed an uncertain trend versus the Euro, but it slipped slightly against the rest of majors. Following the release, the major Swiss Franc pairs gained momentum. However, the Franc showed an uncertainty against the Euro soon after.

Swiss trade surplus amounted to CHF718.1 million in March, government data indicated Tuesday. Economists expected a trade balance of CHF1.11 billion. Exports grew real 12.7% annually to CHF17.14 billion and imports climbed 13.4% to CHF16.43 billion.

The traders are now looking for the Swiss March UBS consumption indicator, Italian February retail sales data, followed by the Euro-Zone industrial new orders data shortly after. The British CBI industrial trends- total orders data for April and the US April Richmond Feb manufacturing index, consumer confidence data and the existing home sales for March are scheduled for later in the morning.

The US dollar showed choppy trading versus the Swiss Franc on late Monday in New York. The pair extended the same trend into the small morning hours on Tuesday, but by about 2:00 am ET ahead of the release of the Swiss March trade balance data, the dollar advanced slightly. Following the release, the pair fell sharply and touched an early morning low of 1.2078 by about 2:45 am ET. Of late the dollar is trading slightly higher and fetched 1.2082 Francs as of 3:55 am Eastern Time.

In the late hours on Monday, the European currency ticked down against its Swiss counterpart. Off 1.6388 at about 10:30 pm ET, the pair strengthened slightly and then showed an uncertain trend. However, at about 2:15 am ET Tuesday, following the release of the Swiss March trade balance data, the euro lost a few pips but the pair showed an uncertainty soon after. As of 3:55 am Eastern Time, a Euro traded at 1.6388 Francs.

The British currency trended lower against the Swiss Franc on late Monday trading. At about 10:30 pm ET, the pair traded slightly higher but by about 12:40 am ET Tuesday, the Cable lost ground again. However, the pair bounced back within a little longer than an hour and this came ahead of the release of the Swiss March trade balance data. Amid the release, the pair gave back the recent gains completely and ticked further down. As of 3:55 am Eastern Time, a Cable was quoted at 2.4123 Francs.

Against the Yen, the Swiss Franc ticked down during late Monday evening in New York. The Japanese economic data released at 7:50 pm ET weakened the pair heavily. Off 97.73 by about 10:45 pm ET, the Franc rebounded most of its losses. At about 12:45 am Eastern Time Tuesday, ahead of the release of the Swiss March trade balance data, the Franc lost ground slightly. However, amid the release, the Franc gained momentum again and collected 98.13 Yen as of 3:55 am Eastern Time.

Monday, April 23, 2007

Latin American Currencies Mixed Against Dollar, Monday, April 23, 2007 12:14:39 PM

The Latin American currencies were vaired against the dollar in action on Monday. The currencies traded with little economic news from their respective areas.

The Argentina peso was choppy against the dollar on Monday in the midday. As trading progressed, the currency bounced between a high of 3.0850 and a low of 3.0880. On the whole, the peso is at a two week low.

The Brazilian real rose against its American counterpart in the midday on Monday. The advance brought the real to a mark of 2.0230. In general, the Brazilian currency remains near its recent multi-year high.

The Mexican peso was choppy against the dollar on Monday. By the midday, the peso had ranged between a high of 10.9546 and a low of 10.9774. Overall, the peso is near a two week high.

Euro Stable After Early Weakness, Monday, April 23, 2007 11:59:16 AM

The euro generally showed weakness during early New York trading on Monday. The currency rebounded after an overnight retreat against the yen, but lost ground versus the pound and dollar.

The euro lost ground against the dollar during much of morning trading in New York. The downward drift lasted until about 9:30 am Eastern Time, taking the currency to a weekly low of 1.3542. There was a partial rebound during the late morning, bringing the euro came back to a level of 1.3579.

After a brief attempt at a rally during the first couple hours of New York trading, the euro spent most of the first half of the morning drifting lower versus the pound. The currency reached a mark of 0.6773 before stabilizing at around 7 am Eastern Time.

The euro drifted higher against the yen for most of New York morning trading, reversing part of the decline that took place in overnight action. The slide late Sunday and into the first couple hours of Monday`s trading took the euro to its lowest level against the yen since last Thursday. Still, the currency remains near a high above 162 set last week.

Scandinavian Currencies Choppy On Monday, Monday, April 23, 2007 11:47:16 AM

The Scandinavian currencies were choppy against the dollar and euro in late morning action on Monday. The currencies moved with little economic news from the area.

The Swedish krona was choppy against the dollar as it ranged from a high of 6.7610 and a low of 6.7851 into the late morning action on Monday. Generally, the Swedish currency is at a weekly low. In trading with the euro, the krona bounced between a high of 9.1863 and a low of 9.1977. On the whole, the Swedish currency is at a two and a half month high.

The Danish krone was mixed against the dollar on Monday as it bounced between a high of 5.4804 and a low of 5.4982. Overall, the krone is at a weekly low. Against the euro, the krone held in a tight range with a low of 7.4526 and a high of 7.4486. The Danish currency is at a three week high.

The Norwegian krone was choppy against the dollar on Monday, bouncing between a high of 5.9603 and a low of 5.9809. In general, the Norwegian krone is at a weekly low against the currency. In trading with the euro, the krone held between a high of 8.0954 and a low of 8.1118. Overall, the currency has held within a tight range over the past two weeks.

Eastern European Currencies Varied On Monday, Monday, April 23, 2007 10:26:00 AM

The Eastern European currencies were varied in action on Monday morning. The currencies moved as the Hungarian Central Bank announced it would keep its rate at 8.00%.

The rouble was choppy against the euro on Monday, bouncing between a high of 34.9063 and a low of 34.9598. Overall, the Russian currency is at a weekly high versus the euro. In trading against the dollar, the currency moved between a high of 25.7638 and a low of 25.7924. Generally, the rouble is at a weekly low.

The zloty slipped to a mark of 2.7883 against the American dollar on Monday. On the whole, the Polish currency is still near its multi-year high. In action against the euro, the currency bounced between a high of 3.7728 and a low of 3.7847. Overally, the zloty remains near its four month high.

The Hungarian forint ranged between a high of 180.3276 and a low of 181.1000 in mid morning action against the dollar on Monday. In general, the currency is near a weekly high against the dollar. Against the euro, the forint moved between a high of 244.8435 and a low of 245.5444. Overall, the Hungarian currency is near a weekly high.

Metals See Lackluster Trading Early Monday; Gold Falls, Copper And Silver Generally Flat, Monday, April 23, 2007 10:11:05 AM

Metals showed lackluster trading during the opening stages of Monday`s U.S. session. Generally, trading began with some weakness, but most of the metals found their footing during the mid-morning. Gold remained weak, but copper and silver were largely unchanged from Friday`s levels.

Copper retreated at the outset of U.S. trading, but recovered during the next 40 minutes. By the mid-morning, the metal was holding a mild gain, up half a cent to $3.626 per pound. With the uncertain move, copper remained in a recent trading range that has kept it close to a high it set last week.

The price of gold retreated during early U.S. trading. The metal attempted to recovery after an initial slide, but spent the mid-morning drifting lower. By 10 am Eastern Time, gold was down $3.40 to $692.40 per ounce.

Silver was little changed in the opening stages of Monday`s U.S. trading. Like the other metals, silver slipped at the outset of trading. However, there was a rebound soon after and silver spent the first 90 minutes of trading hovering near last Friday`s closing price. By the mid-morning silver was down 3 cents to $13.92 per ounce.

Euro Weakens Against Other Majors Monday Morning, Monday, April 23, 2007 7:06:44 AM

The euro weakened broadly against other major currencies Monday morning in New York after data showed that both euro zone and EU27 government deficits fell annually in 2006, while government debt grew in absolute terms.

The euro fell to a one-week low of 1.3572 against the dollar Monday morning in New York. With no major economic data due from the US on Monday, traders await Tuesday`s consumer confidence and existing home sales figures.

The euro weakened against the yen Monday morning in New York, falling to 160.50 after moving around 161.50 on Friday. The yen pulled further away from a record low hit against the euro last week after an upgrade in Japan`s sovereign rating sparked buying interest in the currency.

The euro raced lower against the sterling Monday morning in New York, dropping to .6774 after moving around .6785 on Friday. Traders considered data from the UK showing that March gross mortgage lending grew 22% in February.

Kiwi Remains Weak Early Monday In New York, Monday, April 23, 2007 6:52:43 AM

The New Zealand dollar showed weakness early Monday in New York. This came amid a lack of data from the NZ economy. However, the Japanese and the Australian releases came out in the late Sunday hours are likely to have affected the deals.

The Standard & Poor upgraded Japan`s foreign and local currency long-term sovereign debt rating from ‘AA-‘ to ‘AA`. Australia`s producer price index remained unchanged in the first quarter from the prior quarter when the analysts were expecting the same to rise 0.6% sequentially.

The kiwi weakened heavily across the board as the deals entered the small hours on Monday in New York. This followed uncertain trends held by the NZ dollar against its major counterparts. The kiwi was losing ground at midnight.

However, at about 1:20 am ET, the NZ currency gained ground against the majors. While the Kiwi reversed only some of its losses versus the yen and the dollar, it bounced back remarkably against the euro and the Aussie.

Of late, the NZ dollar pairs are moving sideways.

The New Zealand dollar weakened against the US dollar early Monday in New York. The pair collected 0.7431 at 1:20 am ET before changing direction. At about 3:45 am ET, the pair weakened again and entered a sideways trend. As of 6:45 am ET, the kiwi was worth 0.7437 of a US dollar.

The New Zealand dollar held steady during the late hours on Sunday in New York. At about 11:30 pm ET the pair rallied from 1.8189, and it fetched 1.8294 at 1:20 am ET on Monday. The pair then dropped most of its gains, and started moving sideways. As of 6:45 am ET, the pair was worth 1.8235.

The New Zealand currency steadied lower against the Japanese yen around midnight, and the pair traded at 87.925 at 1:30 am on Monday. The kiwi then trended slightly higher but edged lower into a range at 3:45 am ET. As of 6:45 am ET, the pair was quoted at 88.19.

The New Zealand currency showed strength against the Aussie during the late Sunday deals, influenced by the Australian PPI data came out at 9:30 pm ET. At about 11:25 pm ET, the pair staged a sharp rally, and it fetched as high as 1.1242 at 1:20 am ET. The kiwi strengthened thereafter, and was quoted at 1.1199 against its Australian counterpart at 6:45 am ET.

S&P Upgrade Outlook On Japan, Monday, April 23, 2007 5:27:10 AM

Monday, Standard & Poor`s Ratings Services said that it had raised its foreign and local currency long-term sovereign ratings on Japan to `AA` from `AA-`. The short-term foreign and local currency ratings were affirmed at `A-1+` and the outlook on the long-term ratings is made stable.

S&P said that the upgrade is based on Japan`s progress in fiscal, monetary, and structural fronts.

Government deficit to fall

According to S&P, Japan`s general government deficit is expected to fall to 5.0% of GDP in fiscal 2007 from 8.2% in fiscal 2002, due to the government`s steady fiscal-consolidation efforts. Government primary deficit is expected to improve to 0.2% of GDP in fiscal 2007, compared to 4.2% in fiscal 2003, it said.

`Our assessment is that they are meeting the test. We expect the ratio of general government debt (including the social security debt and government bonds for the Financial Loan Program) net of good-quality fiscal assets to GDP, to stabilize at 133% by fiscal year 2012,” S& P`s credit analyst Takahira Ogawa said.

“The major banks have been restored to good health, with the banking sector`s nonperforming loans falling to 2.7% of the total portfolio as of Sept. 30, 2006,` Ogawa added.

Economy to grow 2.0% next few years

According to the rating agency, Japanese economy is expected to grow 2.0% in real terms in the next few years, twice the level it had in a decade to 2004. The report also noted that the Bank of Japan has successfully exited its zero interest-rate policy by raising its policy rates by a quarter points each in July and February.

Bank of Japan Govoner Toshihiko Fukui remained upbeat on the Japanese economy and reiterated last week that the central bank will continue to manage policy in a timely manner based on developments of the economy and prices.

`We will continue to aim to achieve sustainable economic growth with stability in prices,` Fukui said at the opening of the central bank`s quarterly branch managers` meeting.

Current account surplus to continue to expand

Standard & Poor`s expects current account surpluses to further enhance Japan`s net external-asset position in the coming years. Japan`s current account surplus rose 4.9% in February, slower than the 49.8% year-over-year growth rate recorded in the prior month. Nonetheless, the February surplus amounted to 2.42 trillion yen versus 1.19 trillion yen in the prior month.

Japan`s position as the world`s largest net external creditor with an estimated net assets of US$2.0 trillion provide the government with ample external liquidity and good access to global capital markets, the report said.

S&P noted that Japan`s current gold and foreign exchange reserves of US$940 billion are second only to China`s.

Reforms should continue

S&P`s ‘stable` outlook is based on the expectation that the current government will continue its public sector reform. Although Japan has successfully reformed its defined-benefit pension fund system in 2004, the rating agency believed that more adjustments are necessary for the long-term sustainability of the system.

The agency noted that about 70% of its 86 trillion yen social security budget in fiscal 2004, equaling 17% of GDP, was channeled to programs for the aged. It expected the total social security budget to increase to 26% of GDP by fiscal 2025.

The agency hoped that faster than expected progress could improve the outlook on the sovereign ratings on Japan and any setback in government`s fiscal-consolidation efforts could put downward pressure on the rating.

Loonie Sees Mixed Trading Early Monday In New York, Monday, April 23, 2007 5:21:11 AM

The Canadian currency showed mixed trading early Monday in New York. The loonie stood little changed against the dollar, but it remained higher against the euro and the pound by about 5:00 am ET. On the other hand, the Canadian currency showed weakness against the Japanese yen.

The deals in the European session came amid a lack of key releases from the major economies. The market is now turning towards the rate decision by the Bank of Canada done on Tuesday. The BoC is not expected to alter its benchmark interest rate from current 4.25%.

The Canadian dollar moved sideways against the US dollar in the very early deals on Monday in New York. The pair lost ground at 3:20 am, when it was worth 1.1235. After half an hour, the greenback rebounded from 1.1215 and the pair leveled its previous quotes. As of 5:15 am ET, the pair traded at 1.1237.

The Canadian currency rallied against the euro during the small hours on Monday in New York. The pair started trading downwards at 12:45 am ET, and moving from 1.5276 it collected as low as 1.5225 at 4:00 am. The pair then moved sideways, and was equal to 1.5242 at 5:15 am ET.

Against the British currency, the Canadian dollar steadied higher during the very early deals on Monday in New York. The pair thus moved from 2.2522 to 2.2438 within about a couple hours of 12:40 am Eastern Time. The pair then moved sideways ranging between 2.2445 and 2.2479.

The Canadian currency weakened against the Japanese yen early Monday in New York. The pair lost ground at 12:35 am, and it fell from 105.61 to 105.27 within just an hour. The pair then saw choppy trading, and was quoted at 105.40 at 5:15 am ET.

Dollar Down Against Yen, Higher To Rest Of Majors Early Monday In New York, Monday, April 23, 2007 4:47:19 AM

The US dollar showed mixed trading during the very early deals on Monday in New York. While the greenback moved up against the euro and the sterling, it was down against the yen during this period. Meanwhile, to the Swiss Franc, the buck saw choppy trading.

Checking the downward journey, the dollar entered sideways trend against Japanese yen lately. Also, the buck moved out of the small morning uncertainty versus the Swiss Franc, and strengthened.

This came as no key economic data are expected from the major economies on Monday. A release in the Asian session showed that the Standard & Poor upgraded Japan`s foreign and local currency long-term sovereign debt rating from ‘AA-‘ to ‘AA`. The yen saw upward momentum across the board late Sunday in New York.

The US currency strengthened against the euro early Monday in New York. The pair lost ground at 1:00 am ET and moved from 1.3600. At 4:35 am ET, the euro fetched 1.3562 US dollars.

The US dollar posted gains versus the British currency early Monday in New York. The pair started moving downwards at 1:05 am ET, and after hitting as low as 1.9971 at 2:50 am, it bounced back briefly. However, the greenback regained its momentum shortly afterwards. At 4:35 am ET, the pair was worth 1.9994.

Around midnight, the US dollar held steady with the Japanese yen, but the pair lost ground at 12:40 am ET on Monday. Moving down from 118.65 the pair traded at 118.23 within about an hour. The dollar then moved sideways against its Japanese counterpart ranging between 118.28 and 118.40.

The US dollar saw choppy trading versus the Swiss franc as the deals entered the small hours on Monday. The pair bounced around between 1.2067 and 1.2081 until about 3:40 am ET. The buck advanced thereafter, and at 4:35 am ET, the dollar was quoted at 1.2093.

Friday, April 20, 2007

Pound Up Slightly On Euro; Flat With Other Majors, Friday, April 20, 2007 3:52:38 PM

The British pound showed some strength in trading on Friday in New York. The sterling was up on the euro and generally choppy with the yen and dollar. Trading took place amid the release of retail sales growth data in the U.K.

The sterling was choppy with the dollar during Friday morning trading in New York, hanging near a 26-year high. The pound advanced as high as 2.0069 at 2:30 a.m. and fell back to as high as 1.9990 at 4:45 a.m. before settling back. The pair was at 2.0022 at 10:20 a.m. ET. The pair was at 2.0035 at 4 p.m. ET.

The pound advanced above a range against the euro on Friday morning in New York. The currency began to rise at around 4:30 a.m. and reached a daily low of 0.6781 at 11 a.m. ET. Trading took place amid the release of retail sales growth data in the U.K. and French consumer spending growth numbers. Trading was sideways from there and the pair exchanged at 0.6784 at 3:45 p.m.

The sterling was back at its flat-level against the yen after a choppy morning in New York. The pound got up to 238.30 in the early morning but dropped to as low as 237.22 a few hours later. The sterling advanced for about four hours after that. The yen rallied around 1 p.m. ET and the pair settled at 237.85 by 4 p.m.

U.K. retail sales growth eased in March, though annual increase remained solid, official data showed Friday. However, the data did little to alter market speculation that the Bank of England would favor a rate hike in May against a backdrop of a surprise spurt in inflation.

The seasonally adjusted retail sales volume rose 0.3% on month in March, the Office of the National Statistics- ONS said. The monthly growth stood below the 0.5% increase expected. February`s increase was revised up to 1.6% from 1.4%, which was the biggest increase since January 2005. On an annual basis, retail sales volume grew 4.8% in March, slightly above the expected climb of 4.7%. The annual gain is smaller than the 5.1% rise in the prior month, revised up from 4.9% reported earlier.

Euro Mixed,Friday, April 20, 2007 3:45:03 PM

The euro saw mixed results during Friday morning trading. The European currency tested a record high against the dollar early in the morning before slipping. It dropped out of a range with the sterling and was choppy with the yen. Trading took place amid word that French consumer spending growth came in better-than-expected in March, recovering from a fall in the prior month.

The euro slipped slightly in the late morning versus the dollar Friday in New York after testing a record low earlier in the day. The euro got as high as 1.3624 at 2:15 a.m., extending its two-year high and near an all-time mark. The euro got as high as 1.3666 in November of 2004. The European currency fell off Friday`s high at around 3 a.m. and dipped through the mid-morning. The pair was at 1.3593 at 10:15 a.m. Trading was flat from there into the afternoon.

The euro fell out of a range against the British pound on Friday morning in New York. The currency began to slide at around 4:30 a.m. and reached a daily low of 0.6781 at 11 a.m. ET. Trading was sideways from there and the p(air exchanged at 0.6784 at 3:45 p.m.

In a choppy Friday trading session, the euro was near its overnight levels against the yen. The euro reached a daily high in the early morning in New York before dropping off until about 7 a.m. The euro rebounded again and the pair was at 161.60 at 11:45 a.m. The yen climbed slightly to 161.41 by 3:45 p.m.

Consumer spending on manufactured goods rose 6.3% annually in March, the statistical office INSEE said Friday. Economists were looking for an increase of 5.8%. On a monthly basis, consumer spending improved 0.7% versus revised 0.5% fall in February. The consumer spending for February was revised from 0.4% decline estimated earlier. Economists expected 0.3% rise on month.

Treasury Bonds End Flat On Friday, Friday, April 20, 2007 3:36:18 PM

Treasury bonds were largely unchanged on Friday, as a lack of economic news left little reason to trade. A rally on Wall Street pulled money out of fixed income, but buyers stabilized the market during the afternoon.

After halting a recovery with a lower finish on Thursday, bonds edged higher at the outset of Friday`s session. A strong open on Wall Street sparked selling in bonds, as traders moved money into the stock market. Buyers returned to fixed income during the afternoon ahead of economic data due out next week.

The 10-year yield finished at 4.672%, a gain of less than a basis point on the day. Bonds dipped on Thursday after 3 days of gains. The recovery in the first half of the week took the 10-year treasury off a 2-month low set last week.

Greenback Mixed With Other Currencies, Friday, April 20, 2007 3:36:17 PM

The U.S. dollar remained at mixed levels on Friday in New York. The greenback was up on the yen, choppy with the sterling and down near a record low against the euro. Trading took place amid little major financial news in the U.S.

The dollar rebounded Friday afternoon in New York after testing a record low against the euro earlier in the morning. The dollar plunged to as low as 1.3624 at 2:15 a.m., extending its two-year low and near an all-time mark. The greenback got as low as 1.3666 in November of 2004. The dollar rebounded from Friday`s low at around 3 a.m. and climbed through the mid-morning. The pair was at 1.3593 at around 10 a.m. Trading was flat from there into the afternoon. Trading took place amid word that French consumer spending growth came in better-than-expected in March, recovering from a fall in the prior month.

The greenback was choppy with the British pound during Friday morning trading in New York, near a 26-year low. The dollar fell to as low as 2.0069 at 2:30 a.m. and bounced back to as high as 1.9990 at 4:45 a.m. before settling back. The pair was at 2.0035 at 4 p.m. ET. Trading took place amid the release of data that showed U.K. retail sales growth eased in March, though annual increase remained solid, official data showed Friday.

The dollar advanced against the Japanese yen as it attempts to rally off the two-week low reached earlier in the week. The pair was level until about 7 a.m. when the dollar briefly slipped. But at around 9 a.m., the greenback began climbing and reached as high as 118.95 at 10 a.m. The dollar slipped until about noon when it leveled off for the day. Trading took place amid the release of convenience store data in Japan that showed a 1.1% decline in sales.

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