Euro Mixed Against Major Counterparts, Wednesday, June 20, 2007 1:59:48 PM
The euro experienced mixed results against its major counterparts Wednesday in New York. The European currency continued to hover near a record high set recently against the yen. However, the euro moved lower against the dollar and sterling. Traders mulled data showing that German producer prices rose higher-than-expected in May.The euro edged lower versus the greenback Wednesday in New York. After the morning was dominated by largely uncertain trading, the European currency began to slide at 12:20 pm ET. At 1:45 pm, the euro fetched a mark of 1.3418 against its American counterpart. This is compared to an intraday high of 1.3435 at 8:50 am and an intraday low of 1.3413 at 3:20 am. Greenback traders looked ahead to Thursday`s release of the Philadelphia Fed Index.
Against the sterling, the euro slid steadily Wednesday in New York. At 1:40 pm ET, the European currency had fallen to an intraday low of 0.6727 against its British counterpart. This is compared to an intraday high of 0.6756 at 4:20 am. Traders mulled the minutes from the most recent Bank of England meeting, which showed that its members were split on keeping the key interest rate unchanged.
The euro ticked higher against the yen Wednesday in New York. The euro fell during the early morning before advancing around 3:30 pm ET against its Japanese counterpart. At 1 pm, the European currency reached an intraday high of 166.01. The euro pulled back from its gains somewhat after that, trading at a mark of 165.86 at 1:53 pm. Overall, the European currency hovered near a record high recently set against the yen.
The German Producer Price Index for industrial products rose 1.9% annually in May, the Federal Statistical Office said Wednesday. This compares to annual growth of 1.6% in April and 2.5% increase in March. On a monthly basis, producer prices gained 0.3% versus 0.1% in April. Economists were looking for an annual increase of 1.7% and 0.2% rise on month.
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posted by Kalin Tasev @ 11:28 AM
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