Thursday, June 28, 2007

Euro Little Moved Against Other Currencies, Thursday, June 28, 2007 11:36:19 AM

The euro saw little movement against the other majors on Thursday in New York. The currency fell slightly against the pound, but was near its overnight levels against the dollar and yen. On the economic front in the euro zone, Italian consumer prices rose 0.2% in June and wholesale turnover in Germany declined at an annual rate of 1.8% in real terms.

The euro was down against the pound on Thursday in New York. The euro advanced late Wednesday night, but gave back those gains and more with an early morning slide on Thursday. The European currency trended up slightly before stabilizing by about 5 a.m. The currencies traded at 0.6724 at 11:20 a.m. ET. Traders considered data showing house prices in the UK increased 11.1% annually and 1.1% on the month in June.

The euro was range-bound with the yen on Thursday in New York. The European currency held most of the gains it posted on Wednesday evening. The currencies bounced between 165.90 and 165.40 throughout the morning. The pair traded at 165.56 at 11:25 p.m. Traders considered a preliminary report released by Japan`s Ministry of Finance that showed industrial production declined 0.4% in May. However, industrial production rose 3.7% from the previous year.

The euro saw uncertainty against the greenback on Thursday in New York. The euro gained on Wednesday evening and into early Thursday morning. It then fell sharply at around 3 a.m., but edged back higher for the next several hours. The euro stabilized in the later morning and traded at 1.3464 at 10:50 a.m. ET, near its overnight levels. Traders considered a report from the Commerce Department showed that first quarter GDP growth was revised up to 0.7 percent but still marked the slowest pace of growth in over four years. Greenback traders are also awaiting the afternoon`s release of the interest rates, which are expected to remain at 5.25%.
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