Euro Stages Brief Surges Against Many Majors Ahead Of European Session Thursday, Friday, April 20, 2007 2:28:53 AM
The European currency showed uncertain trading across the board during the very late hours on Thursday, but it was mixed into the small hours on Friday, in New York. The euro bounced around within a wide range versus the British pound, bit it staged brief surges after slight downtrends versus the other majors ahead of data releases early Friday in New York.The uncertainty came ahead of a lightly loaded European session on Friday. French consumer spending details for March are expected at 2:45 am, followed by Italian trade balance numbers versus the non-EU nations at 4:00 am ET. Both of the data are less likely to drive the deals in big scales.
However, the Swiss producer and import prices and the British retail sales figures, which are slated for release at 3:15 am and 4:30 am ET respectively, will be watched by the market. Investors are then likely to turn their attention towards speeches by key officials of the US Federal Reserve, which are expected later in the North American session on the day.
Henry M Paulson, the US Treasury Secretary is scheduled to deliver a keynote speech at China conference by noon in New York. A little later, Frederic Mishkin of the US Federal Reserve is expected to deliver his words on US economic outlook.
The European currency started trending lower against the US dollar at 6:50 pm ET on Thursday. Moving down from 1.3633, the pair started seeing choppy trading into the very late deals of the day. The pair bounced around between 1.3609 and 1.3624 in this period. Into the small hours on Friday, the common currency weakened against its US counterpart, but it staged a surge lately. The euro was worth 1.3633 dollars at 2:20 am ET.
The European currency moved against the pound ranging between 0.6798 and 0.6804 from 6:15 to 8:45 pm Eastern Time. The euro then slipped to 0.6795 of a pound by about 9:25 pm and then started showing uncertain trading. As of 2:20 am ET on Friday, the pair was worth 0.6797.
Following a rally in the late evening deals, the euro lost ground against the yen at 9:00 pm ET on Thursday. Coming off 161.76, the pair fetched 161.35 at 10:25 pm before changing its direction. The euro came back to its previous high by about 11:35 pm, but it lost a few points afterwards. Into the small hours of Friday, the pair moved sideways, but it edged up lately to fetch 161.93 at about 2:20 am ET.
The European currency started trending lower against the Swiss franc at 6:00 pm ET on Thursday. Coming off 1.6428 the pair entered a choppy trend by the very late hours on the day. At about 11:40 pm ET, the euro started trending lower versus the alpine currency. Of late, the euro bounced back to the franc, and it fetched 1.6415 francs by about 2:20 am ET.
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posted by Kalin Tasev @ 1:09 AM
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