Euro Varied Ahead Of German Data On Thursday,Thursday, April 19, 2007 1:50:21 AM
The Euro showed varied trading around midnight Wednesday and into the small hours on Thursday. The common currency moved downwards across the board in the late hours on Wednesday but checked its losses shortly before midnight.At about 10:45 pm ET on Wednesday, the euro started drifting higher against the British and the US currencies but at the same time, held steady with the yen. The euro continued lower against the Swiss currency until about 11:40 pm, and moved sideways into the small hours on Thursday. After midnight, the single currency traded lower against the rest of majors.
The market is now looking forward to the German producer prices expected at 2:00 am ET on Thursday. While the monthly rise in the prices is expected to grow from 0.3% to 0.4% in March, its year-over-year growth is anticipated to ease 2.7%, compared to the 2.8% rise recorded in February.
The euro weakened against the US dollar during the late hours on Wednesday and the pair fetched 1.3577 before changing its direction at 10:45 pm ET. At 11:55 pm, after hitting as high as 1.3613, the euro weakened and was worth 1.3592 US dollars at 1:40 am ET on Thursday.
The euro traded down against the British currency during the late hours on Wednesday and the pair was quoted at 0.6773 at 10:40 pm ET. The euro then moved upwards but lost its ground at midnight. Coming off 0.6791, the pair traded at 0.6781 at 1:40 am ET on Thursday.
Late Wednesday`s downward journey of the European currency made it reach a range-bound movement against the Japanese yen. The euro moved out of this range, which was limited between 160.23 and 160.46. The pair has been seeing choppy trading ahead of the German data in the small hours on Thursday. As of 1:40 am ET, the pair traded at 160.33.
Against the Swiss franc, the euro traded down in the late hours on Wednesday and hit as low as 1.6328 at 11:45 pm ET. The pair then moved sideways ranging between 1.6330 and 1.6334 but edged higher to 1.6347 by about 1:40 am ET on Thursday.
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posted by Kalin Tasev @ 3:17 AM
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