Monday, April 23, 2007

Euro Weakens Against Other Majors Monday Morning, Monday, April 23, 2007 7:06:44 AM

The euro weakened broadly against other major currencies Monday morning in New York after data showed that both euro zone and EU27 government deficits fell annually in 2006, while government debt grew in absolute terms.

The euro fell to a one-week low of 1.3572 against the dollar Monday morning in New York. With no major economic data due from the US on Monday, traders await Tuesday`s consumer confidence and existing home sales figures.

The euro weakened against the yen Monday morning in New York, falling to 160.50 after moving around 161.50 on Friday. The yen pulled further away from a record low hit against the euro last week after an upgrade in Japan`s sovereign rating sparked buying interest in the currency.

The euro raced lower against the sterling Monday morning in New York, dropping to .6774 after moving around .6785 on Friday. Traders considered data from the UK showing that March gross mortgage lending grew 22% in February.
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