Euro Stays Strong Versus Dollar, Yen; Falls Against Pound, Monday, April 16, 2007 11:37:19 AM
The euro held its gains against the dollar and yen, but slipped against the sterling. Euro area annual inflation rate was confirmed at 1.9% for March, the latest report from the Eurostat showed Monday.The euro remained near a two-year high against the dollar despite a downward move in overnight trading. The euro reached as high as 1.3574 at 8 p.m. ET Sunday night, but trended down slightly from that mark since. Trading has been flat in the mid-morning. The currencies were at 1.3546 at 10 a.m.
The euro fell against the sterling in morning trading in New York on Monday. The euro was at 0.6829 at 8:15 p.m. ET Sunday night when it began to fall. It got as low as 0.6798 before rebounding at 9:15 a.m.
The euro extended its record high against the Japanese yen. The euro climbed to as high as 162.39 at 11:15 a.m. ET. The rally reversed the losses the currency saw late Sunday night in New York. In general, the euro has been soaring against its Japanese counterpart for six weeks.
The inflation rate was left unrevised from the flash estimate released on March 30. The inflation rate edged up from 1.8% in the prior month. A year ago, annual inflation stood at 2.2%. On a monthly basis, inflation was 0.7% in March, much higher than the 0.3% increase in February. Economists were looking for a 0.6% rise.
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posted by Kalin Tasev @ 8:50 AM
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