Tuesday, April 24, 2007

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.
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