Friday, April 27, 2007

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.
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