Tuesday, May 22, 2007

Euro Down Across The Board During Late Night Trading On Monday, Tuesday, May 22, 2007 2:43:54 AM

The euro traded slightly down across the board during the late night trading on Monday in New York. This reversed the gains collected by the common currency after heavy falls occurred during early deals on the day.

Of late, following the release of the minutes of the monetary policy board`s April month meeting by the Bank of Japan, the European currency started ticking up across the board. The minutes showed that the board members agreed the annual rate of change in the consumer price in consumer price index my hit number near zero in the short run.

The market is now looking forward to the ZEW German economic sentiment for the month of May, which is expected at 5:00 am ET on Tuesday.

However, in the wake of recent interest rate moves by the Peoples` Bank of China, meeting of the US treasury secretary Paulson with the Chinese officials, which is happening later this morning in Washington, will be viewed more cautiously by traders.

Losing ground around 6:45 pm ET on Monday, the euro moved to 1.3452 from 1.3474 against the US dollar. During the very early hours on Tuesday in New York, the pair ticked up, and it was worth 1.3475 at about 2:40 am ET. Losses on Monday confirmed the downward journey of the pair, which started on 27th of April, and is likely to test long-term supports near 1.326.

The euro lost ground against the sterling around 6:40 pm ET on Monday, and moving from 0.6837, the pair equaled as low as 0.6829 at about 9:00 pm before entering a sideways trend. However, of late, the common currency edged up against its British counterpart lately, and the pair was quoted at 0.6835 at about 2:40 am ET on Tuesday. The pair has been ticking down from15th of May, and a likely near term level of support will be around 0.678.

The euro moved down against the yen after hitting as high as 163.66 yen at about 5:15 pm ET on Monday. The pair saw directionless trading during the late night hours of the day, but has picked up a few pips, before losing ground at about 2:05 am ET on Tuesday. As of 2:35 am ET, the pair was equal to 163.39. Largely speaking, the pair has been trading near fresh multi-year highs from the middle of this month.

The euro weakened against the Swiss currency after collecting 1.6579 franc at about 5:25 pm ET on Monday. However, by about 9:15 pm, the pair changed its direction and moving up from 1.6552, entered a tight range, shortly. Of late, following the release of its April meeting minutes by the Bank of Japan, the pair added to its gains, and was worth 1.6566 as of 2:40 am ET. By trading above 1.658, the pair set a new multi-year high on Friday, and since then, the euro has been sideways against the Swiss currency.
Copyright © 2007 RTTNews.com. All Rights Reserved.


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