Thursday, May 24, 2007

Euro Reflected Weakness During Late New York Trading On Wednesday, Thursday, May 24, 2007 1:56:40 AM

The European currency weakened slightly across the board during late New York trading on Wednesday. Around midnight, the pairs started moving sideways as German economic data are awaited.

Final first quarter numbers of German G.D.P and import-export data are expected at 2:00 am Eastern Time. However, the likely market mover on Thursday will be the German I.F.O business climate indicator, which is scheduled to be released at 4:00 am. Analysts widely expect the indicator to hit 108.9 in May, up from 108.6 recorded in the previous month.

A couple hours after, British C.B.I industrial trends survey report will be revealed followed by the durable goods orders and new home sales data for April from the U.S. It will be the U.S releases investors wait for, after the German I.F.O numbers.

The euro weakened slightly against the US dollar during late New York trading on Wednesday. After hitting as low as 1.3447 at about 11:35 pm ET, the pair edged up and started moving sideways. Of late, the pair has been limiting between 1.3451 and 1.3459. Largely, the pair has been hovering near a 1-month low for the last few days.

The European currency moved slightly down against the pound during late New York hours on Wednesday. Falling from 0.6781 in late evening, the pair entered a tight range that limited between 0.6772 and 0.6777, lately. This is a one-month low for the European currency against its British counterpart.

The euro moved down against the yen in late New York trading on Wednesday. The pair weakened to 163.41 from 163.82 by about 8:40 pm ET. Thereafter, the pair saw directionless trading and was quoted near 163.58 at 1:45 am ET on Thursday. The pair has been testing resistance in long term, for the last few weeks.

The euro showed weakness against the Swiss franc during the late hours on Wednesday in New York. The pair moved to 1.6512 from 1.6529 by about 8:45 pm and then it traded sideways. At about 1:45 am ET, the euro was quoted at 1.6519 against the alpine currency. The pair is slightly off a multi-year high set on Monday and is testing near term supports lately. Once the present supports are breached, the pair is likely to aim 1.64 as the next barrier.
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