Euro Sees Mixed Trading Amid Release Of German Producer Prices, Early Friday In New York, Friday, May 18, 2007 3:20:32 AM
The Euro traded variedly amid the German April producer prices data during the early deals on Friday in New York. The European currency moved up against the dollar and the yen despite the release of lower-than-expected producer price numbers. However, meanwhile, the euro saw uncertainty versus the pound and weakened against the franc.As of now, the market is looking forward to the Italian March trade balance and industrial orders data, which are expected shortly. However, the major attraction on Friday is nothing other than the UK`s retail sales report for the month of April. Of course, Michigan University`s consumer confidence data for May, which has been slated for release later this morning is not unlikely to move the market in the North American session.
Against the dollar, the euro lost ground in the European session on Wednesday, and falling from 1.3613, the pair hit as low as 1.3476 by Thursday morning, which constituted a 6-day low for the pair. The pair then edged up slightly, but has given back those gains through late trading on Thursday. Ahead of the German release, the pair ticked down, but after the data was released, the common currency moved higher. As of 3:00 am ET, the euro was worth 1.3500 dollars.
The European currency started reversing its upward trend against the pound which was begun on 9th of this month, during the early deals on Wednesday in New York. Coming off 0.6856, the pair fetched as low as 0.6827 yesterday morning in New York. The pair moved slightly up in afternoon hours, but weakened again, later. During the early hours on Friday, the pair saw uncertainty despite the release of a weak German data. As of 3:00 am ET, the euro was worth 0.6832 of a pound.
Falling from a multi-year high of 163.92, the euro fetched as low as 163.10 yen by about 1 pm ET on Wednesday. Thereafter, pair trended higher but failed to retest high of Wednesday once again, and it fell from 164.84 during early Thursday deals in New York. The European currency edged higher during afternoon trading but has come down again, later. Of late, amid the German data, the pair slightly moved up, and was equal to 163.68 at 3:00 am ET.
The European currency showed weakness against the Swiss franc lately. The pair lost ground at about 3 pm ET on Thursday, and moving from a refreshed multi-year high of 1.6572, it entered an uncertain band during late trading on the day. During the early Friday deals in New York, the common currency added to its losses versus the alpine currency, and as of 3:00 am ET, the pair was quoted at 1.6548.
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posted by Kalin Tasev @ 3:30 AM
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