Thursday, May 31, 2007

Dollar Mixed In European Session On Thursday, Thursday, May 31, 2007 7:28:02 AM

The US dollar saw mixed performance during the European session on Thursday. While the greenback stood higher against the yen and the franc, it traded without a specific direction against the euro, towards the end of the session. Against the British currency, the greenback strengthened initially, but the pair reversed the trend lately.

European session on Thursday was busy with key economic data releases from all the major economies. They include the Swiss Q1 GDP data, the German ILO unemployment data, the Nationwide`s U.K house prices data, French consumer confidence and producer prices data, German wholesale turnover data for April, The British M4 data and the Euro-zone consumer confidence survey report for the month of May.

In the North American session on Thursday, trading is likely to be driven by the US Q1 GDP data, March month personal consumption details and the Chicago Purchasing Manager Index. However, investors will be keenly waiting for the US house price index data for first quarter, which will be released at 10:00 am ET.

German ILO unemployment data, which was released at 2:00 am ET on Thursday, weakened the greenback against the euro, and the pair fetched as low as 1.3446 at 2:40 am. Thereafter, following the French release, the pair reversed it losses and since then, it saw directionless trading. Of late, thee euro equaled 1.344 dollars.

The US dollar moved up against the Japanese yen during early New York trading on Thursday. Gaining ground at 1:45 am ET, the pair moved to 121.68 from 121.47. Afterwards, the pair moved sideways bouncing between 121.60 and 121.69.

The US currency rallied against the British currency during early Thursday hours in New York. The pair was pushed higher by weak Nationwide house prices data, which was released at 2:00 am ET. Rising from 1.9771, the pair fetched as high as 1.9736 by about 3:00 am ET.

After initially weakened by the Swiss data, the dollar strengthened against the franc, early New York trading on Thursday. After hitting a session`s low of 1.2243, the pair rebounded and entered a tight range. After a couple hours from then, the greenback strengthened further, and has collected nearly 1.2269 at about 7:00 am ET.
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