Friday, April 20, 2007

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.
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