Monday, May 21, 2007

Euro Declines Slightly Against Majors Early Monday, Monday, May 21, 2007 4:17:09 AM

The European currency trended slightly lower against its major counterparts during the early hours on Monday in New York. The Swiss producer and import prices data released during the session is likely to have an effect on trading in the euro versus the Swiss Franc. The traders are now looking for the British M4 money supply for the month of April which is expected at 4:30 am ET.

Swiss producer and import price index rose 0.9% on month in April, the statistical office said Monday. On a yearly basis, the index gained 2.6%. Economists expected 0.4% increase on month and 2.0% climb annually. The import price index moved up 1.4% on month and climbed 3.4% on year.

In the evening hours on Sunday, the European currency made advances against the U.S. dollar. The pair lost a few pips at about 6:55 pm ET and then moved sideways. The euro resumed the same trend during the very early deals on Monday. However, at about 2:40 am ET, the pair started to trade lower and has been weakening further lately. As of 4:15 am Eastern Time, a Euro was worth 1.3505 against the dollar.

The Euro traded in a range versus the British currency on late Sunday in New York. At about 1:00 am ET Monday, the euro gained some momentum but the pair edged lower soon after. Currently the pair has been moving further lower and as of 4:15 am Eastern Time, a Euro fetched 0.6844 against the Sterling.

Late Sunday in New York, the European currency showed strength against its Japanese counterpart and fetched a high of 163.96 by about 10:30 pm ET. The pair entered a tight range thereafter and extended the same trend until about 2:40 am ET Monday. The euro then ticked down and as of 4:15 am Eastern Time, traded at 163.78 against the Yen.

Against the Swiss Franc, the European currency traded slightly during the late Sunday trading. At about 9:40 pm ET, the euro bounced back some of its losses and then followed a sideways movement. The pair was limited between 1.6285 to 1.6295. The euro continued the same trend in the very early deals on Monday, but it dropped at about 3:05 am ET. As of 4:15 am Eastern Time, a Euro was quoted at 1.6278 against the Swiss Franc.
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