Euro Down Against Franc, Higher Versus Rest Of Majors Tuesday In Europe, Tuesday, July 10, 2007 5:29:45 AM
The euro remained lower across the board during the early Asian deals on Tuesday but it gained momentum towards the end of the session.The euro remained higher in the early European deals despite releases of weak data from France and Germany. The French May industrial production and German June wholesale price index hit numbers lower than estimated by the markets.
However, of late, the euro gave back its gains against the Swiss franc but continued higher versus the pound despite a stronger-than-expected British trade balance data for May, which has been released at 4:30 am ET.
The euro trended lower against the US dollar during the early Asian deals on Tuesday. However, at about 1:00 am ET, the pair reversed its direction and moving from 1.3593, it has fetched as high as 1.3652 lately. As of now, immediate resistance and support levels are seen around 1.3657 and 1.3600 respectively.
The euro weakened against its British currency in the early Asian deals on Tuesday but the pair rallied in the European session. Rising from 0.6749, the pair has lately equaled 0.6758 and if continues upward, 0.6775 can likely be a level of resistance in the near term. The British trade deficit data which narrowed more than expected in May failed to stop the upward journey of the single currency versus the pound.
The European currency traded down against the Japanese yen in the early Tokyo deals on Tuesday but the pair rebounded in the European trading hours. The euro gained ground against the yen despite weak data releases from the German and the French economies, and rising from a session`s low of 167.71, it has fetched 168.31 a short while ago. Largely, the pair has knocked a level a tad below the record high of 168.48 hit on Monday and if it falls from this level, 167.30 can likely be a key support level.
Against the Swiss franc, the euro remained slightly weak in the early Asian deals on Tuesday but the pair improved toward the end of the session. However, of late, the has dropped the gains and is now trading near 1.6560 against the session`s high of 1.6584 collected at about 2:05 am ET. If moves further downward, 1.6550 can probably be a level of support in the near term.
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posted by Kalin Tasev @ 3:05 AM
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