Monday, April 23, 2007

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.
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