Forex News: May 2007

Thursday, May 31, 2007

French Consumer Confidence Jumps In May, Thursday, May 31, 2007 8:33:09 AM

French consumer confidence improved significantly in May, after the election of new President Nicolas Sarkozy, official data indicated Thursday.

The statistical office Insee said the seasonally adjusted summary indicator of consumer confidence gained six points to minus 14 in May from minus 20 in April. The increase is the highest since June 1997. Economists were looking for a reading of minus 19 for May.

Analysts opined that the main reason behind the jump in consumer confidence may be the election of the new President and the initial weeks of the presidency, when new leaders unveil their plans. That said, further improvement in consumer confidence largely depends of the decisions made by the new government.

Among the sub indices, a sharp improvement was noted in the gauge for the outlook on the French living standards. The indicator shot up to minus 2 from minus 17 last month.

Meanwhile, the index reflecting the likelihood of major purchases remained unchanged at minus 10. The trend indicates that the surge in household confidence may not completely feed into consumption, analysts said.

The outlook on personal financial position also improved markedly. The corresponding indicator climbed to a level of 6 from zero in the prior month.

A day earlier, the statistical office released data that revealed that French jobless rate fell to a 24-year low. The unemployment rate, as per ILO definition, dipped to 8.2% in April, the lowest since 1983, from 8.3% in March. The rate was in line with expectations. A year ago, the rate was 9.3%. The number of unemployed dropped 20,000 in April.

Separately, the Insee reported Thursday that producer prices climbed 0.5% on month in April, after gaining 0.3% in the prior month. Prices rose 1.9% over last year. Excluding energy and agri food, producer prices moved up 0.3% in April, after remaining steady in March.

Yen Down A Bit To Euro And Sterling After Data Shows Decline In Housing Starts, Thursday, May 31, 2007 7:43:14 AM

The yen eased a bit to the euro and sterling Thursday morning in New York after data released overnight showed Japanese housing starts declined 3.6% year-over-year in April.

The yen inched lower against the sterling Thursday morning in New York, slipping to 240.55 from an overnight level around 240. Trading took place amid the release of data showing that UK consumer credit growth slowed in April.

The yen declined slightly against the euro Thursday morning in New York after seeing a bit of strength the previous evening. The yen traded at 163.50 as of 7:30 am ET, with market players considering data showing that Euro Zone economic sentiment improved in May.

The yen remained uncertain against the dollar Thursday morning in New York, moving in a range between 121.50 and 121.70. Economic data is likely to be in focus on Thursday, with the Commerce Department scheduled to release its preliminary report on first quarter GDP. Reports on weekly jobless claims, construction spending, and Chicago-area manufacturing activity are also due to be released.

Sterling Sees Modest Strength Against Other Majors Thursday Morning, Thursday, May 31, 2007 7:32:12 AM

The sterling improved against other major currencies Thursday morning in New York. Trading took place amid the release of data showing that UK consumer credit growth slowed in April.

The sterling erased losses from the previous evening against the euro Thursday morning in New York, rising to .6795 from .6811. Markets players considered data showing that Euro Zone economic sentiment improved in May.

The pound was somewhat stronger to the dollar Thursday morning in New York, rising to 1.978 after moving around 1.975 overnight. Economic data is likely to be in focus on Thursday, with the Commerce Department scheduled to release its preliminary report on first quarter GDP. Reports on weekly jobless claims, construction spending, and Chicago-area manufacturing activity are also due to be released.

The sterling edged higher to the yen Thursday morning in New York, climbing to 240.55 from an overnight level around 240. Traders took in data showing Japanese housing starts declined 3.6% year-over-year in April.

Dollar Mixed In European Session On Thursday, Thursday, May 31, 2007 7:28:02 AM

The US dollar saw mixed performance during the European session on Thursday. While the greenback stood higher against the yen and the franc, it traded without a specific direction against the euro, towards the end of the session. Against the British currency, the greenback strengthened initially, but the pair reversed the trend lately.

European session on Thursday was busy with key economic data releases from all the major economies. They include the Swiss Q1 GDP data, the German ILO unemployment data, the Nationwide`s U.K house prices data, French consumer confidence and producer prices data, German wholesale turnover data for April, The British M4 data and the Euro-zone consumer confidence survey report for the month of May.

In the North American session on Thursday, trading is likely to be driven by the US Q1 GDP data, March month personal consumption details and the Chicago Purchasing Manager Index. However, investors will be keenly waiting for the US house price index data for first quarter, which will be released at 10:00 am ET.

German ILO unemployment data, which was released at 2:00 am ET on Thursday, weakened the greenback against the euro, and the pair fetched as low as 1.3446 at 2:40 am. Thereafter, following the French release, the pair reversed it losses and since then, it saw directionless trading. Of late, thee euro equaled 1.344 dollars.

The US dollar moved up against the Japanese yen during early New York trading on Thursday. Gaining ground at 1:45 am ET, the pair moved to 121.68 from 121.47. Afterwards, the pair moved sideways bouncing between 121.60 and 121.69.

The US currency rallied against the British currency during early Thursday hours in New York. The pair was pushed higher by weak Nationwide house prices data, which was released at 2:00 am ET. Rising from 1.9771, the pair fetched as high as 1.9736 by about 3:00 am ET.

After initially weakened by the Swiss data, the dollar strengthened against the franc, early New York trading on Thursday. After hitting a session`s low of 1.2243, the pair rebounded and entered a tight range. After a couple hours from then, the greenback strengthened further, and has collected nearly 1.2269 at about 7:00 am ET.

Euro Narrowly Mixed Against Other Majors Thursday Morning, Thursday, May 31, 2007 7:22:01 AM

The euro was narrowly mixed against other majors Thursday morning in New York, firming up slightly versus the yen while giving back gains to the sterling. Markets players considered data showing that Euro Zone economic sentiment improved in May.

The euro moved roughly sideways around 1.344 against the dollar Thursday morning in New York, staying near a 7-week low from the previous session. Economic data is likely to be in focus on Thursday, with the Commerce Department scheduled to release its preliminary report on first quarter GDP. Reports on weekly jobless claims, construction spending, and Chicago-area manufacturing activity are also due to be released.

The euro improved slightly against the yen Thursday morning in New York after seeing a bit of weakness the previous evening. The euro fetched 163.50 as of 7:15 am ET as traders assessed data showing Japanese housing starts declined 3.6% year-over-year in April.

The euro gave back gains from the previous evening against the sterling Thursday morning in New York, slipping to .6795 from .6811. Trading took place amid the release of data showing that UK consumer credit growth slowed in April.

Pound Strong Against Yen, Reversing Recent Losses Against Rest Of Majors, Lately, Thursday, May 31, 2007 6:47:52 AM

The British currency fell heavily against the major currencies during very early New York trading on Thursday, but later, the cable reversed the trends. Towards the end of the European session, the pound stood higher against the yen, but it could only partly reverse its early losses against the rest of majors.

European session on Thursday was busy with key economic data releases from all the major economies. They include the Swiss Q1 GDP data, the German ILO unemployment data, the Nationwide`s U.K house prices data, French consumer confidence and producer prices data, German wholesale turnover data for April, The British M4 data and the Euro-zone consumer confidence survey report for the month of May.

While the Swiss and the Nationwide data weakened the sterling, it moved up amid the M4 data release. As of now, the markets are looking forward to the North American session on the day.

In the North American session, trading is likely to be driven by the US Q1 GDP data, March month personal consumption details and the Chicago Purchasing Manager Index. However, investors will be keenly waiting for the US house price index data for first quarter, which will be released at 10:00 am ET.

The British currency weakened against the dollar early Thursday in New York. The pair lost ground at about 1:25 am ET, when the pair moved from 1.9771. The sterling equaled as low as 1.9736 dollars by about 3:00 am, and thereafter, the pair improved briefly. Of late, the pair has been trading near 1.975. The pound showed weakness amid the Nationwide house prices data, but the M4 money supply data came out at 4:00 am, helped the pair to gain slightly. Largely, after setting a two-week high around 1.989 on last Tuesday, the pair has dropped off slightly.

The British currency held a tight range against the euro during late New York trading on Wednesday, but the pair fell heavily amid various European economic releases in overnight trading on Thursday. The pair thus fell to 0.6805 from 0.6794 by about 2:40 am ET. Thereafter, the cable moved up against the euro, and the pair has now been trading near 0.680. Largely, after hitting a 5-week high around 0.675 on 24th May, the pair has weakened slightly.

The pound slipped against the yen during very early New York trading on Thursday and collected its session`s low at 239.94 by about 2:05 am ET. Thereafter, the pair trended slowly higher and has been now trading near 240.3. Thursday`s European session was a busy one causing mixed reactions by major pairs. Largely, after hitting a new multi-year high on last Tuesday, the pair has weakened slightly.

Amid the Swiss GDP release at 1:45 am ET on Thursday, the sterling fell heavily against the franc. Falling off 2.4228, the pair fetched as low as 2.4117 by about 2:00 am, but thereafter, the sterling trended upwards. U.K`s M4 money supply data, which was released at 4:00 am, added to the gains of the pair. Of late, the pair has been trading near 2.421. Largely, after hitting a 15-week high on last Wednesday, the pair has weakened to an 11-day low, as of now. If weakens further, 2.38 will be a key level of support for the pair.

Wednesday, May 30, 2007

Dollar Gains On Other Majors,Wednesday, May 30, 2007 4:01:45 PM

The U.S. dollar saw some uncertainty, but advanced against its major counterparts on Wednesday morning in New York. Morning trading took place amid the release of weaker-than-expected jobs data from payroll processor ADP. Afternoon trading took place amid the release of the minutes from the last Fed meeting.

The dollar remained up against the euro on a choppy day of trading Wednesday in New York. The greenback moved higher amid the release of retail PMI data from Germany, France and Italy. The buck touched 1.3409 around 8 am Eastern Time, its highest level since the first half of April. The dollar cooled slightly over the next two hours, but then rallied again in the late morning. The greenback trended down in the afternoon and was at 1.3429 at 3:45 p.m., a little above its overnight level.

The greenback edged up on the pound during Wednesday morning`s trading in New York. An early rise took the buck to a weekly high against the sterling when it hit 1.9734 around 7 am Eastern Time. The dollar fell again until a little before 10 a.m., but then bounced back to recoup those losses. It slipped again in the mid-afternoon. The pair reached 1.9756 at 4 p.m. ET.

The dollar rose against the yen early Wednesday in New York amid uncertain trading. The greenback moved higher after the release of data showing that Japanese industrial production in April fell unexpectedly. The advance caused the buck to edge towards a three-month high. The follar fell for the last half of the morning, however, to return close to its overnight levels. But, the greenback rallied again in the afternoon to 121.65 by 4 p.m. ET.

Early trading took place as ADP released its report on employment in the month of May, showing that private non-farm employment grew less than economists had been expecting. The report was closely watched as it is usually a precursor to the jobs data released on Friday, which is widely considered to be the most important economic report.

During the afternoon, the minutes from the last meeting of the FOMC was released. The minutes showed inflation was still a concern but the risk of a sudden economic slowdown was diminished.

Minutes Of Fed Meeting Show Members Remain Concerned About Inflation, Wednesday, May 30, 2007 3:20:49 PM

Wednesday afternoon, the Federal Reserve released the minutes of the Federal Open Market Committee`s May meeting, showing that the risk that inflation would fail to moderate as desired remained the FOMC`s predominant concern.

The minutes showed that all the committee members favored leaving interest rates unchanged, as recent developments were seen as supporting the view that keeping the target for the federal funds rate at 5.25 percent was likely to foster moderate economic growth and a gradual ebbing in core inflation.

While the committee members continued to believe that the risks to economic activity are weighted to the downside, the minutes showed that the members determined that the downside risks have diminished slightly.

Nonetheless, the minutes showed that the members remained concerned that the housing market correction could have a more pronounced impact on consumer spending than currently expected, especially if house prices were to decline significantly.

As mentioned above, however, the committee members continued to believe that inflation remains the primarily policy concern, with nearly all of the members agreeing that core inflation remains uncomfortably high and needs further moderation.

The members all agreed that the risks to the anticipated moderation in inflation were to the upside. Some noted that there could be significant costs if inflation fails to moderate, particularly if it led to an upward drift in inflation expectations.

Still, while the members agreed that the accompanying statement should continue to say that inflation remains the predominant policy concern, they agreed that the statement should also say that future policy adjustments would depend on the evolution of the outlook for both inflation and economic growth.

The members of the Federal Open Market Committee have voted to leave interest rates unchanged since June of 2006, when rates were raised for the 17th consecutive time to the current level of 5.25 percent.

The FOMC is scheduled to make its next decision on interest rates after a two meeting ending June 28. Most analysts expect the committee members to vote to leave rates unchanged once again.

European Economic News Preview Thursday, Wednesday, May 30, 2007 2:33:48 PM

A flurry of data is due out of the Europe on Thursday. The reports will come from Switzerland with its GDP data, Germany with Unemployment Change, the UK with its Nationwide House Prices and the Euro zone with its Consumer Confidence survey. France is also set to chime in with its Producer Price Index for April and Consumer Confidence Indicator for May. Italy will be reporting on its Large Company Employment and the Bank of Italy will hold its annual general assembly. Consumer Price Index data will also be released from the area.

Switzerland will report on its Gross Domestic Product for its first quarter on Thursday. The previous quarter showed a rate of 0.5%, and is expected to edge up in tomorrow`s data. The year ago period came in at 2.2%, and is anticipated to remain unchanged.

Germany will report on its Unemployment Change for May on Thursday. Previously, the numbers came in at -9K for the unadjusted period, and are expected to widen in tomorrow`s data. On a seasonally adjusted basis, the prior month`s rate was 9.2%, and is expected to edge down slightly. Other news from the country on Thursday will include the German ILO Unemployment Rate for April.

Great Britain will announce its Nationwide House Prices for May on Thursday. The previous month`s rate on a seasonally adjusted basis came in at 0.9% and is expected to slip slightly in tomorrow`s data. On an unadjusted and annual basis, the prior rate was 10.2% and is forecast to advance. Other news from the UK will include the M4 Money Supply, Sterling Lending and Net Consumer Credit and Net Lending Secured on Dwellings for April. Mortgage Approvals will also be announced. For May, the CBI May Distribute Trades Report for the month will be posted, as well as the CBI May Distribute Trades Report expected survey for June.

The Euro zone will be reporting on its Consumer Confidence Survey data for May on Thursday. The previous survey showed a level of -4, and is expected to remain the same in tomorrow`s data. Other news from the area will include a number of surveys; the Business Climate, Economic Confidence, Industrial Confidence and the Services Confidence. The Consumer Price Index`s flash estimate for the area for May will be reported as well.

Asia/Pacific Region Economic News Preview, Wednesday, May 30, 2007 2:31:11 PM

Japan, Australia, and New Zealand will all be reporting on major economic news on Thursday. Japan will post Labor Cash Earnings, while Australia is set to announce its Trade Balance. New Zealand will chime in early on the day with NBNZ Business Confidence survey data.

Japan will release Labor Cash Earnings for April on an annual basis on Thursday. Previous numbers came in at -0.1%, and are expected to narrow in tomorrow`s data. Other news from the area will include Overtime Earnings, Housing Starts and Construction Orders. The BoJ`s Board Member Nishimura will attend a business conference as well.

Australia is set to report on its Trade Balance for April on Thursday. The previous balance came in at -1622 million Australian dollars, and is expected to narrow in tomorrow`s data. Other news from Australia will include Exports, Imports, Private Capital Expenditure, Private Sector Credit for April and the AiG Performance of Manufacturing index for May.

New Zealand will report on its NBNZ Business Confidence survey for May on Thursday. The previous survey came in at a level of -19.4.

Yen Advances Against Counterparts On Wednesday Afternoon, Wednesday, May 30, 2007 2:27:28 PM

The yen advanced against its counterparts in trading on Wednesday afternoon in New York. The currency moved as Japan reported on automobile production for April.

Versus the euro, the yen saw strength heading into afternoon trading on Wednesday. The advance brought the yen to a mark of 163.05. On the whole, the Japanese currency is near a two week low against the euro.

The yen edged up in trading against the dollar on Wednesday afternoon. The currency rose to a mark of 121.46 as action progressed. Overall, the yen is still near a three and a half month low.

Against the sterling, the yen was strong in trading on Wednesday. The rise took the currency to a mark of 239.86 by the mid-afternoon action. Generally, the Japanese currency is at a weekly low against the pound.

Japanese automobile production fell 3.8% year-over-year in April. The number of vehicle produced totaled 870,639 units, smaller than 904,821 units last year.

Sterling Mostly Weak On Wednesday Afternoon, Wednesday, May 30, 2007 2:19:48 PM

While the sterling was choppy against the euro in trading on Wednesday afternoon in New York, the currency saw weakness against its Japanese and American counterparts. The currency traded with little economic news from the area.

In trading with the euro, the sterling saw little direction on Wednesday. By the afternoon, the cable had moved between a low of 0.6800 and a high of 0.6790. Overall, the British currency is at a weekly low against the euro.

The sterling saw early weakness against the dollar on Wednesday. The currency declined to a mark of 1.9741 early on and remained near that mark into the afternoon action. On the whole, the cable is near a two month low against the greenback.

Against the yen, the pound was weak in trading on Wednesday. The drop took the currency to a mark of 239.86 by the mid-afternoon action. Generally, the British currency is at a weekly low against the yen.

Tuesday, May 29, 2007

Dollar Rebounds Against Other Majors, Tuesday, May 29, 2007 4:00:25 PM

The U.S. dollar rebounded against its major counterparts late on Tuesday morning in New York and was generally up for the day. The greenback was up on the yen and sterling amid uncertain trading. It bounced back against the euro after hitting a near-term low earlier in the day and was close to even in the afternoon. The trading came amid the release of consumer confidence data in the U.S. that showed the index rose to 108.0 in May, up from a revised 106.3 in April.

The dollar rebounded back close to its overnight levels against the euro on Tuesday in New York. The dollar dropped amid the release of data showing that the Euro Zone current account surplus beat expectations in March. Around 8:30 am Eastern Time, the dollar slipped to 1.3518 against the euro, its lowest level in 9 days. It rebounded off of that and made a move a little after 10 a.m. after the release of consumer confidence data in the U.S. It got back to 1.3441 at around 2 p.m. ET before leveling off.

The greenback was up on the pound on Tuesday in New York, posting strong gains in the late morning. Early on in the day, the dollar slipped ahead of the release of data showing that UK loan approvals for house purchases fell in April at 4:30 am Eastern Time. By 5 am Eastern Time, the dollar touched 1.9897, its lowest level in nearly three weeks. The dollar began rising shortly after that, however, and by 2 p.m. ET it stabilized near a daily high of 1.9791. This is its best level in six days.

The dollar was up on the yen on Tuesday in New York, advancing for several hours in the later morning. The buck hit a multi-day low of 121.18 against the yen around 4:30 am Eastern Time before beginning to rise. The greenback drifted up for several hours after that and touched 121.78 by 11:45 a.m. ET. This rally has erased nearly all of the losses the dollar saw in an overnight decline. This came amid the release of data that Japan`s jobless rate in April fell to a nine-year low of 3.8%, while household spending rose 1.1%. The dollar fell sharply shortly after that, but trended back up to recoup most of those losses in the afternoon.

Economic Preview: ADP Jobs Data, Fed Minutes Due Wednesday, Tuesday, May 29, 2007 3:53:00 PM

Wednesday will see the release of a couple important pieces of economic news. Early in the morning, payroll processor ADP will release its jobs report. Later in Wednesday`s session the minutes from the last Federal Reserve meeting will be released.

At 8:15 am Eastern Time on Wednesday, payroll processor ADP will release its employment report for May. Traders will be watching the report closely because ADP`s data can be a good indication of what will be seen in the government`s jobs data set for release on Friday. Investors consider the monthly jobs data to be the most important economic report.

Wednesday afternoon will see the release of the minutes from the last meeting of the policy making arm of the central bank. In its last meeting, the FOMC kept interest rates the same once again. Economists will be watching this data closely for signs about what the central bank`s next move might be.

French Unemployment Report Highlights Wednesday`s Economic Releases From Europe, Tuesday, May 29, 2007 3:49:29 PM

France and Great Britain will dominate news from Europe on Wednesday. France will report on unemployment, while Britain is due to report on its GfK Consumer Confidence Survey results. Other news from Europe tomorrow will include Italian Producer Price Index numbers, as well as the Euro zone`s M3 money supply. Bloomberg Retail Purchasing Managers Index data for May is set to come out from France, Germany, Italy, and the Euro zone.

France is set to report on its Unemployment rate for April on Wednesday. The prior period saw a rate of 8.3%, and is expected to decline slightly in tomorrow`s data. Unemployment change numbers will also be released tomorrow for the same period. The prior results came in at -34,000, and are forecast to narrow. Other news from the area will include Housing Permits data for April.

Great Britain will report on its GfK Consumer Confidence Survey results for May on Wednesday. Previously, the survey came in at -6. The number is expected to widen in tomorrow`s data. Additionally, the Bank of England`s Blanchflower will speak in London.

Swiss Franc Remains Strong Against Counterparts On Tuesday Afternoon, Tuesday, May 29, 2007 1:22:26 PM

The Swiss currency rose against its world counterparts in trading on Tuesday in New York. The franc saw strength as the Swiss UBS Consumption Indicator data was released.

The Swiss franc saw strength against its European counterpart. The advance took the currency to a mark of 1.6484 by the mid-afternoon action. On the whole, the Swiss currency is close to a weekly high against the euro.

In trading with the dollar, the Swiss franc saw some strength. By the mid-morning, the franc had risen to a mark of 1.2230 and remained at that level into the afternoon. In general, the Swiss currency is at a two week high versus the American currency.

Against the British pound, the Swiss franc showed strength in the afternoon. The currency had climbed to a mark of 2.4234 as trading progressed. The Swiss franc is at a week and a half high against its British counterpart.

The Swiss currency rose against the yen in trading. As the action progressed in the mid-afternoon, the franc held onto its gains to move near a mark of 99.36. Overall, the Swiss franc is at a multi-year high against the Japanese currency.

Swiss consumer spending retained its solid pace of growth in April. The UBS Consumption Indicator continued its upward trend in April as it rose to a level of 2.35 points. This marks the highest point since July 2001. Markets were looking for an April reading of 2.20.

Crude Oil Prices Decline, Tuesday, May 29, 2007 12:14:02 PM

Crude oil plunged to its lowest level in nearly two weeks on Tuesday in U.S. trading. Light sweet crude for July delivery was at $63.37, down $1.18 for the session. It got as low as $63.34.

Oil slipped as an oil worker strike ended in Nigeria. In addition, experts feel supplies will be adequate for the summer driving season.

Natural gas advanced 5.8 cents to $7.578, heating oil slipped 2.02 cents to $1.8878 and gasoline was little changed at $2.404.

Pound Falls Against Dollar And Euro; Up On Yen, Tuesday, May 29, 2007 12:03:23 PM

The British pound was down against the dollar and euro, but up against the yen. Trading took place amid the release of data showing that UK loan approvals for house purchases fell in April.

The pound climbed to its highest level against the yen in three and a half months on Tuesday morning in New York. The British currency climbed sharply for about two hours, beginning at around 3 a.m. ET. It remained near the high for the rest of the morning and touched a daily best of 241.52 at 8:30 a.m. ET.

The sterling slipped against the euro in early-morning trading Tuesday in New York. The British currency fell beginning at around 5 a.m. ET. It stabilized for a few hours starting at around 8 a.m., touching a 6-day high of 0.6807 at 10 a.m. ET.

The sterling dropped against the dollar late on Tuesday morning in New York. The sterling gained to 1.9897, its highest level in nearly three weeks. The sterling began sharply shortly after that, however, pushed by strong consumer confidence data in the U.S. The pair traded at 1.9811 by noon ET.

Euro Gains On Other Majors, Tuesday, May 29, 2007 11:44:31 AM

The euro saw strength on Tuesday amid the release of data showing that the Euro Zone current account surplus beat expectations in March. The European currency reached a record high against the yen and also climbed on the dollar and pound.

The euro touched its highest level in more than a week against the dollar on Tuesday morning in New York. Around 8:30 am Eastern Time, the European currency climbed to 1.3518, its best level in 9 days. It slipped off of that a little after 10 a.m. after the release of consumer confidence data in the U.S.

The euro advanced against the sterling in early-morning trading in New York. The European currency climbed beginning at around 5 a.m. ET. It stabilized for a few hours starting at around 8 a.m., touching a 6-day high of 0.6807 at 10 a.m. ET. The morning also saw the release of data showing that UK loan approvals for house purchases fell in April at 4:30 am Eastern Time.

The euro climbed to another record high against the yen on Tuesday morning in New York. The European currency climbed sharply throughout the morning. It touched as high as 164.26 at 9:40 a.m. ET. It was stable for several hours in the late morning.

Monday, May 28, 2007

Yen Up On Pound; Flat With Euro And Dollar, Monday, May 28, 2007 2:17:01 PM

The Japanese yen saw a little strength on Monday morning in New York. The Japanese currency was up on the sterling and stable against the dollar and euro. The Japanese market was open on Monday, a day that saw most of the major markets closed for the holiday.

The yen was range-bound near a 15-week low against the dollar on Monday morning in New York. The currencies have been flat since late Sunday night ET. The yen advanced on Friday evening after touching its lowest level since mid-February earlier that day. The yen remained level with the euro on Monday. The currencies have been level since Friday when the yen fell back from a two-week low. On Monday, the pair generally stayed between the 163.00 and 163.80 marks.

The yen gained against the pound on Monday in New York. The yen trended up throughout the morning before leveling off a little before noon ET. The yen has advanced slightly after reaching its lowest level against the pound in three and a half months on Friday.

Pound Slips Against Other Majors, Monday, May 28, 2007 1:25:05 PM

The British pound saw slight weakness against its major counterparts. The sterling slipped slightly against the dollar, euro and yen after touching near-term highs last week. The U.K. market was closed on Monday.

The pound was flat with the dollar on Monday in New York after falling slightly earlier in the day. The sterling got as low as 1.9823 at 6:45 a.m. ET. In general, the pound has been trending slightly lower since reaching a two-week high last Wednesday.

The sterling and euro were flat during Monday mid-day trading in New York. The British currency fell in the early morning before leveling off beginning at around 2 a.m. On Friday, the pound fell off of a five-week high against its European counterpart.

The pound declined against the Japanese yen on Monday in New York. The sterling trended down throughout the morning before leveling off a little before noon ET. The pound has slipped slightly after reaching its highest level against the yen in three and a half months on Friday.

Euro Sees Little Change Against Other Major Currencies, Monday, May 28, 2007 12:29:51 PM

The euro was generally range-bound against the other majors on Monday. The European currency gained slightly against the pound, pulling further away from the five-week low it saw last week. The euro was flat with the yen and dollar. Many markets were closed Monday for Memorial Day.

The euro traded in a tight range with the dollar on Monday in New York. The euro reached as high as 1.3461 at 3:45 a.m. and then got as low as 1.3448 at 5 a.m. The currencies have leveled off after some choppy trading last week.

The euro and sterling were flat during Monday mid-day trading in New York. The European currency gained in the early morning before leveling off beginning at around 2 a.m. On Friday, the euro rebounded off of a five-week low against its British counterpart.

The euro remained level with the Japanese yen on Monday. The currencies have been level since Friday when the euro bounced back from a two-week low. On Monday, the pair generally stayed between the 163.00 and 163.80 marks.

Dollar Range-Bound With Other Major Currencies, Monday, May 28, 2007 11:45:52 AM

The dollar saw little movement on Monday morning in New York with the U.S. markets closed for Memorial Day. The greenback gained slightly on the sterling in early action before leveling off. The buck traded in a tight range with the euro and yen throughout the morning.

The dollar traded in a tight range with the euro on Monday morning in New York. The dollar fell to 1.3461 at 3:45 a.m. and got as high as 1.3448 at 5 a.m. The currencies have leveled off after some choppy trading last week.

The greenback was flat with the British pound in late morning trading on Monday in New York after gaining slightly earlier in the day. The dollar got as high as 1.9823 at 6:45 a.m. ET. In general, the dollar has been trending slightly higher since reaching a two-week low last Wednesday.

The dollar was range-bound near a 15-week high against the yen on Monday morning in New York. The currencies have been flat since late Sunday night ET. The dollar slipped on Friday evening after touching its highest level since mid-February earlier that day.

Friday, May 25, 2007

Dollar Up On Sterling And Yen; Down Versus Euro, Friday, May 25, 2007 4:00:34 PM

The U.S. dollar was generally stronger in trading with its major counterparts on Friday morning in New York. The buck was up on the sterling and yen amid choppy trading. The greenback slid against the euro, but made up a significant chunk of its losses with a late-morning rally. Trading took place amid a report from the National Association of Realtors which showed that existing home sales unexpectedly showed a significant decline compared to the previous month.

The dollar dropped against the euro during Friday`s trading, but rallied around mid-day to recoup some of its losses. The greenback slipped off of a 6 week high of 1.3412 that it touched multiple times during overnight trading. The buck began to slip around 2 pm Eastern Time and continued to do so. The decline came amid the release of data showing that German import prices grew 0.5% in April, beating expectations for zero growth. After leveling off for a few hours, it plunged again at around 10 a.m. with the release of weak existing home sales data in the U.S. and reached 1.3469 by 10:30 a.m. ET. However, the dollar rebounded within an hour to erase those losses of the latest slide. Afternoon trading was generally flat. The pair traded at 1.3446 at 3:45 p.m.

The greenback climbed against the Japanese yen during the morning`s trading in New York. The dollar`s advance came as data showed Japan`s core inflation fell at a slower pace in April, boosting expectations that the Bank of Japan will lift interest rates in coming months. The news caused the dollar to rise to a daily high of 121.76 around 7:30 am Eastern Time. The dollar slid slightly before stabilizing. The greenback remained near that level throughout the afternoon and touched a daily high of 121.76 at 3:15 p.m.

The dollar was up amid choppy trading versus the pound on Friday in New York. The greenback touched a daily low of 1.9874 around 3 am Eastern Time. The decline came after the release of data showing the UK economy grew 0.7% sequentially in the first quarter. The dollar regained some ground, however, and around 8:30 am Eastern Time, the greenback touched a daily high of 1.3836 against the sterling. It fell at around 10 a.m. again with the release of weak existing home sales data in the U.S. The greenback climbed later in the morning to erase those losses. Afternoon trading was a little more stable. The pair traded at 1.9844 at 3:45 p.m.

The NAR report showed that existing home sales fell 2.6 percent to an annual rate of 5.99 million units in April from an upwardly revised 6.15 million unit rate in March. Economists expected sales to edge up to a 6.13 million unit rate from the 6.12 million unit rate originally reported for the previous month.

Energy Prices Up; Crude Up More Than $1,Friday, May 25, 2007 2:32:50 PM

Energy prices climbed on Friday in the U.S. ahead of a three-day weekend. Oil was up more than a dollar and heating oil and gasoline also gained. Natural gas was down.

Crude oil was up near $65 amid a choppy day of U.S. trading on Friday. Light sweet crude for July delivery was at $65.21, up $1.03 on the day. It climbed up above $65 at the start, but fell back to as low as $64.21 at 11:15 a.m. before bouncing back again.

Natural gas dropped on Friday and reached a three-week low. Natural gas was down 11 cents to $7.744. This is its lowest level since early May.

Heating oil was up early Friday in U.S. trading. Heating oil for June was at $1.938, up less than a cent.

Gasoline was up Friday in U.S. trading. RBOB gasoline for June delivery gained 4.64 cents to $2.4033. It is up for the third straight session.

Yen Weak On Friday Afternoon Against Counterparts, Friday, May 25, 2007 2:22:58 PM

The yen was weak in trading against its major counterparts on Friday afternoon. The currency moved as Japan reported on its Core CPI data for April.

Against the sterling, the yen saw some weakness on Friday. The yen slipped to a mark of 241.53 by the mid-afternoon. On the whole, the Japanese currency is at a multi-year low against its British currency.

The yen fell steadily versus the euro in trading on Friday. By the afternoon, the currency had dropped to a mark of 163.71. Overall, the yen is at a multi-year low.

Versus the dollar, the yen faltered in action on Friday. The decline took the Japanese currency to a mark of 121.68 by the mid afternoon. In general, the Japanese yen is at a three and a half month low.

Japan`s core consumer price index-CPI fell 0.1% on year in April following a 0.3% dip in the prior month. This marked the third consecutive monthly fall. The analysts were looking for a 0.2% slip in March.

India`s Inflation For W.e May 12 Drops To 5.27% From 5.44% A Week Ago, Friday, May 25, 2007 7:50:26 AM

Friday, the 25th May, the Central Statistical Office, GOI, while releasing its customary inflation data said that the annual rate of inflation based on wholesale prices for the week ended 12/05/2007 provisionally fell to 5.27% from 5.44% a week ago. The annual rate of inflation stood at 4.63% as on 13/05/2006 i.e. a year ago. India`s inflation has been steadily coming down of late from the peak 6,77% in early 2007, in line with the government`s intentions and pronouncements. The RBI`s pro -active gestures to rein in inflation are showing visible results of late and moving toward the targeted number of 5% in the mid term of this fiscal and 4 to 4.5% in the long term.

The communiquй added that the official Wholesale Price Index for `All Commodities` for the week ended 12/05/07 provisionally rose by 0.1% to 211.7 from 211.4% for the previous week. The main index for Primary articles, which has a weightage of 22.02%, rose by 0.5% from the previous week due to higher prices of naphtha and aviation turbine fuel. However, the prices of bitumen declined. Among the Primary articles, the sub index for `Food Articles` group rose by 0.7% due to higher prices of eggs, fruits & vegetables, milk and jowar. However, the prices of maize declined. The sub index for `Non-Food Articles` group among Primary articles rose marginally to 203.4 from 203.3 for the previous week due to higher prices of raw wool and sunflower. However, the prices of raw jute declined. The index for the major group of Fuel, Power, Light & Lubricants, with an overall weightage of 14.23% was unchanged at its previous week`s level of 321.8. The index of Manufactured Products, which has a major weightage of 63.75% in the computation, rose by 0.1% from the previous week.

Among the various sub groups that make up the manufactured products group, the index for `Food Products` group declined by 0.6%, the index for `Textiles` group declined by 0.1% and the index for `Paper & Paper Products` group declined by 0.1%.On the other hand, the index for `Rubber & Plastic Products` group rose by 0.6%and the index for `Chemicals & Chemical Products` group rose by 0.1%. The index for `Basic Metals Alloys & Metal Products` group rose by 0.9% and the index for `Machinery & Machine Tools` group rose by 0.2%.

Changes in provisional figures

The CSO added that, the final wholesale price index for `All Commodities` stood at 209.6 for the week ended 17/03/2007 as compared to the provisionally announced figures of 209.4 and annual rate of inflation based on final index, calculated on point to point basis, stood at 6.56% as compared to the provisional 6.46%.

Sterling Mixed Against Majors Amid UK Growth Data, Friday, May 25, 2007 7:42:07 AM

The sterling was mixed against other major currencies Friday morning in New York as traders mulled over data showing the UK economy grew 0.7% sequentially in the first quarter.

The sterling rebounded from losses in the previous session against the yen Friday morning in New York, rising to 241.65 after data showed Japan`s core inflation fell at a slower pace in April, boosting expectations that the Bank of Japan will lift interest rates in coming months.

The sterling softened a bit versus the euro Friday morning, easing to .677 after moving around .676 overnight. Traders considered data showing that German import prices grew 0.5%, beating expectations for zero growth.

The pound was range-bound against the dollar Friday morning in New York with many traders getting a head start on the long Memorial Day weekend. The pair moved between 1.9845 and 1.988 ahead of a report on April existing home sales in the US. Economists expect existing home sales to come in roughly flat compared to the previous month.

Yen Weakens Broadly Friday Morning Amid Increasing Signs Of Interest Rate Hike, Friday, May 25, 2007 7:28:54 AM

The yen gave back gains from the previous session against its major counterparts Friday morning. Market players were influenced by data showing Japan`s core inflation fell at a slower pace in April, boosting expectations that the Bank of Japan will lift interest rates in coming months.

The yen lost ground against the euro Friday morning in New York, falling to 163.50 from 162.50 late Thursday evening. Traders considered data showing that German import prices grew 0.5%, beating expectations for zero growth.

The yen weakened against the greenback Friday morning in New York, falling to 121.70 after touching 120.85 Thursday night. Later on Friday, National Association of Realtors is due to release its report on April existing home sales. Economists expect existing home sales to come in roughly flat compared to the previous month.

The yen softened against the sterling Friday morning in New York, giving back gains from the previous session. The yen traded at 241.65 approaching mid-morning, as traders mulled over data showing the UK economy grew 0.7% sequentially in the first quarter.

Euro Firms Up Against Other Majors Friday Morning, Friday, May 25, 2007 7:15:01 AM

The euro was generally stronger to other majors Friday morning in New York on data showing that German import prices grew 0.5%, beating expectations for zero growth.

The euro improved slightly to the dollar in early dealing Friday morning in New York and stayed near 1.344 ahead of a report on April existing home sales in the US. Economists expect existing home sales to come in roughly flat compared to the previous month.

The euro gained ground against the yen Friday morning in New York, rising to 163.50 from 162.50 late Thursday evening. Investors considered data showing Japan`s core inflation fell at a slower pace in April, boosting expectations that the Bank of Japan will lift interest rates in coming months.

The euro firmed up a bit versus the sterling Friday morning, moving up from .6758 to fetch .677 at 7:00 am ET. Trading took place amid the release of data showing the UK economy grew 0.7% sequentially in the first quarter.

Pound Mixed Against Major Counterparts In European Session, Friday, May 25, 2007 6:24:05 AM

The British currency showed mixed trading against its major counterparts during early New York trading on Friday. The pound showed strength against the yen, but it weakened against the euro and the franc in the session. Against the US dollar, the sterling stood little changed in the European session.

Various European releases including German GfK consumer confidence data marked the very early deals on the day followed by the British data, which was released at 4:30 am ET. Investors are now looking forward to the N.A.R. existing home sales data from the U.S, which is scheduled to be released at 10:00 am ET.

The pound strengthened against the US dollar during very early New York trading on Friday. The pair thus collected its session`s high at 1.9881 by about 3:05 am, and then it moved in the opposite direction. Of late, the pair has been moving sideways between 1.9845 and 1.9865.

The sterling showed directionless trading against the euro during very early New York trading on Friday. By about 3:00 am ET, the pair gained ground and fetched as high as 0.6772 as of 4:25 am ET. Various British economic releases that struck the market at 4:30 am weakened the euro slightly, and of late, the pair has been trading near 0.6766.

The British pound rallied against the Japanese yen in the very early New York deals on Friday, and the pair collected its early morning high at 241.42 by about 3:05 am ET. The sterling then moved downwards, but regained its momentum shortly before the data releases at 4:30 am ET. Of late, the sterling has been trading near 241.1 yen.

The cable strengthened slightly against the Swiss franc during very early New York trading on Friday, but the pair lost ground at about 2:50 am ET. Falling from 2.4417, the pair equaled as low s 2.4343 by about 4:05 am and then it trended slightly upwards. As of 6:15 am ET, the pound collected 2.4376 francs.

Franc Varied Among Major Counterparts Early New York Trading Friday, Friday, May 25, 2007 4:00:41 AM

The Swiss franc showed mixed performance during early New York trading on Friday. The franc reflected strength against the dollar and the yen, but moved down against the euro and the franc in the European session. However, lately, the Swiss currency has been bouncing back against the European counterparts.

The early deals were largely influenced by the German GfK consumer confidence data, which was released at 2:10 am ET.

The US dollar saw directionless trading versus the Swiss franc during the very early deals on Friday in New York. The pair moved between 1.2279 and 1.2294 during this time, but the Swiss currency gained momentum lately. As of 3:55 am ET, the pair was quoted at 1.2270.

The Swiss currency held steady against the Euro during the very early New York trading on Friday. At about 1:45 am ET, ahead of the German data, the euro gained ground against the alpine currency, and the pair strengthened to 1.6508 by about 2:30 am. However, the franc reversed the losses thereafter, and the pair was equal to 1.6485 at 3:55 am ET.

The British currency moved sideways against the Swiss currency until the pair gained ground at about 1:55 am ET, early New York trading, Friday. Moving out of the range, the pair collected as high as 2.4417 at about 2:50 am, and thereafter, the franc rebounded against the cable. As of 3:55 am ET, the pair traded at 2.4368.

The Swiss franc rallied against the Japanese yen early New York trading on Friday. The upward trend helped the pair to reverse its losses suffered in late trading on the previous day occurred amid the release of the Japanese inflation data. Climbing from 98.53, the pair fetched 98.91 at 3:55 am ET.

New Zealand Dollar Mixed During Late New York Trading On Thursday, Friday, May 25, 2007 1:29:44 AM

The New Zealand dollar saw mixed trading during late New York hours on Thursday. The kiwi moved up against the euro and the dollar but it saw directionless trading versus the Australian dollar. Against the Japanese yen, the N.Z. dollar weakened amid the economic release from Japan, but the losses were reversed during late night trading.

Recent deals in major kiwi pairs took place amid a lack of data from the New Zealand economy. It was the release of the Japanese inflation data that marked the late night trading on the day.

During afternoon trading on Thursday, the N.Z. dollar weakened against the greenback, and the pair largely held its losses until gaining ground during late trading on the day. Rising from a range that limited between 0.7242 and 0.7255, the pair fetched 0.7265 at about 11:05 pm before changing its direction. Of late, the kiwi has been moving between 0.7252 and 0.7262 against its U.S. counterpart.

The New Zealand dollar gained ground against the euro at about 8:00 pm ET during late New York trading on Thursday. Falling from 1.8536, the pair equaled as low as 1.8480 at 10:45 pm ET. Thereafter, the kiwi moved sideways versus the common currency, ranging between 1.8479 and 1.8507.

The kiwi was choppy against its Australian counterpart during late New York trading on Thursday. The N.Z dollar weakened against the Aussie amid the Japanese release at 7:30 pm ET, but by about 10:15 pm, the pair moved in the opposite direction. The pair that largely moved between 1.1283 and 1.1309 during late hours has been ranging between 1.1288 and 1.1298, lately.

Amid the Japanese CPI data release at 7:30 pm ET, the kiwi weakened heavily versus the yen, and thus added to its losses suffered in afternoon trading. However, after hitting as low as 87.55 at about 9:20 pm, the pair moved in the opposite direction. As of 1:25 am ET on Friday, the pair was quoted at 87.985.

Aussie Higher Against Most Other Majors During Late New York Trading, Friday, May 25, 2007 12:19:13 AM

The Australian dollar strengthened against most major currencies during late New York trading on Thursday. The upward journey of the Aussie came amid a lack of data from the Australian economy.

It was the release of the Japanese inflation data that marked the late night trading on the day. Amid the Japanese release, the Aussie weakened against the yen, but shortly thereafter, the pair rebounded.

The Australian dollar gained ground against its U.S. counterpart at about 7:15 pm ET on Thursday, and moving from 0.8175, the pair fetched 0.8205 by about 10:05 pm ET. Thereafter, the Aussie trended slightly lower, and as of 12:10 am Friday, it was worth 0.8194 of a US dollar.

The Australian dollar weakened heavily against the euro during the afternoon deals on Thursday in New York, but the pair gave back its gains during late hours on the day. At 7:15 pm ET approximately, the Aussie started reversing its recent losses and moving from 1.6426, the pair entered a slightly upward trend lately. As of 12:10 am ET on Friday, the euro was quoted at 1.6375 against the Aussie.

The Australian dollar started moving higher against its Canadian counterpart at about 7:15 pm ET on Thursday. Rising from 0.8871, the pair collected as much as 0.8900 at 10:00 pm ET. Thereafter, the Aussie moved slightly downwards, and as of 12:10 am ET on Friday, it fetched 0.8885 of a loonie.

The Australian dollar showed weakness against the Japanese yen during afternoon trading on Thursday in New York but moved sideways in evening deals. Shortly after the release of the Japanese inflation data, the pair weakened further deeper and fetched as low as 98.935 by around 9:20 pm. Thereafter, the pair bounced back, and has been trending slightly lower, lately. The Aussie fetched 99.235 yen at 12:10 am ET on Friday.

Thursday, May 24, 2007

Yen Steadies Against Other Majors Thursday Morning, Thursday, May 24, 2007 7:52:17 AM

The yen firmed up against other major currencies Thursday in New York as traders considered data showing that the Japanese economy is expected to grow 2.3 percent in 2007.

The yen improved slightly against the sterling Thursday morning in New York, climbing to 241 after moving around 241.50 in overnight dealing. Trading took place amid the release of data showing that British business investment fell unexpectedly in the first quarter.

The yen continued to stabilize against the euro Thursday morning in New York, advancing to 162.90 after moving around 163.60 the previous evening. Investors mulled over data showing the German economy expanded 0.5% sequentially in the first quarter.

The yen advanced against its American counterpart Thursday morning in New York, moving up from 121.60 to 121.38 as of 7:45 am ET. Traders were nervously awaiting a slew of key economic data from the US, including reports on durable goods and new home sales.

Sterling Mixed Against Other Majors Thursday Morning, Thursday, May 24, 2007 7:42:32 AM

The sterling was mixed against other currencies Thursday morning in New York, rising to a 6-week high against the euro but easing a bit versus the yen. Dealing took place amid the release of data showing that British business investment fell unexpectedly in the first quarter.

The sterling extended gains from the previous 2 sessions against the euro Thursday morning in New York, climbing to a 6-week high of .6762 amid the release of data showing the German economy expanded 0.5% sequentially in the first quarter.

The sterling was range-bound against the dollar Thursday morning in New York, moving between 1.9838 and 1.9883. Traders were nervously awaiting a slew of key economic data from the US, including reports on durable goods and new home sales.

The sterling weakened slightly against the yen Thursday morning in New York, falling to 241 after moving around 241.50 the previous evening. Traders considered data showing that the Japanese economy is expected to grow 2.3 percent in 2007.

Euro Broadly Weaker To Majors Thursday Morning, Thursday, May 24, 2007 7:16:39 AM

The euro softened broadly against its major counterparts Thursday morning in New York, falling to a 6-week low against the sterling. Investors mulled over data showing the German economy expanded 0.5% sequentially in the first quarter.

The euro lost ground to the dollar Thursday morning in New York, falling to 1.3425 after moving around 1.345 in overnight dealing. Traders await Thursday`s report on weekly jobless claims, while the Commerce Department will release reports on April durable goods orders and new home sale.

The euro eased further from a record high against the yen Thursday morning in New York, dropping to 162.90 after fetching 163.60 the previous evening. Traders considered data showing that the Japanese economy is expected to grow 2.3 percent in 2007.

The euro extended losses the from the previous 2 sessions against the sterling Thursday morning in New York, dropping to a 6-week low of .6762 amid data showing that British business investment fell unexpectedly in the first quarter.

Swiss Franc Shows Weakness Against Majors Early Thursday, Thursday, May 24, 2007 4:31:23 AM

During the early hours on Thursday, ahead of the release of the Swiss Q1 employment level data, the Swiss Franc lost ground against its major counterparts. However, amid the release, the major Swiss Franc pairs traded slightly higher, but the gains were given back within a few minutes. Of late, the Franc is moving sideways against the Cable but continuing its downtrend against the rest of majors.

The final numbers of the German Q1 GDP and the import and export data released at 2:00 am helped the Franc to trade higher versus the euro, but the pair bounced back soon after. The recent deals of the Franc against the Euro came amid the release of the German IFO business climate indicator for the month of May.

The traders are now looking for the Swiss ZEW survey for May and the British CBI industrial trends survey for the same month. The US durable goods and the new home sales data for April are scheduled for later in the morning.

The Swiss Franc traded in a tight range versus the U.S. dollar on late Wednesday in New York. The Franc started to strengthen at 1:50 am ET Thursday and hit a high of 1.2265 within about an hour. Soon after, ahead of the release of the Swiss Q1 employment level data, the Franc gave back the gains completely. However, following the release, the Franc gained some pips but it has been trading down again lately. As of 4:30 am Eastern Time, the Franc fetched 1.2290 against the dollar.

During the late hours on Wednesday, the Swiss Franc drifted higher against the Euro. At about 8:45 pm ET, the pair followed a sideways movement and extended the same trend until the German data was released on early Thursday. Amid the release, the Franc advanced and fetched a high of 1.6497 by about 2:35 am ET. The Franc then slipped slightly but the Swiss data which was released at 3:15 am ET helped the Franc to bounce back the recent losses. Currently the Franc has been losing ground again and as of 4:30 am Eastern Time, traded at 1.6512 against the Euro.

The Swiss currency showed choppy trading against its British counterpart in the late deals on Wednesday. The Franc gained some momentum at about 1:50 am ET Thursday, but it fell sharply within half an hour. The pair thus climbed from 2.4367 to 2.4425 by about 3:10 am ET and this was ahead of the release of the Swiss economic data. Following the release, the Franc strengthened slightly and it was quoted at 2.4412 against the Cable as of 4:30 am ET.

Against the Yen, the Swiss Franc ticked down on late Wednesday in New York and this came amid the release of the Japanese economic data. However, at about 8:20 pm ET, the pair traded slightly higher and entered a loose range. The pair resumed the same trend until about 2:25 am ET Thursday, but the Franc lost ground thereafter. The Swiss Q1 employment data released during the session strengthened the Franc slightly but the gains were given back soon after. As of 4:30 am Eastern Time, the Franc collected 98.86 against the Yen.

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.

Greenback Moves Sideways Against Hong Kong Dollar, Drops Against Singapore And Thailand Currencies, Thursday, May 24, 2007 1:41:32 AM

The US currency moved sideways against the Hong Kong dollar during late Wednesday in New York. On the other hand, the Greenback dropped against its Singapore and the Thailand counterparts.

To the other major Asian currencies like the Japanese Yen, South Korean Won and the Indian Rupee, the Greenback largely showed choppy trading during the session. The Japanese merchandise trade balance data for the month of April which was released at 7:50 pm ET weakened the Greenback slightly against the Yen, but the pair rebounded soon after.

During the late hours on Wednesday, the US currency traded down versus the Singapore dollar. At about 9:20 pm ET, the Greenback made some advances but the pair dropped heavily within about an hour. After hitting as low as 1.5243 by about 12:15 am ET Thursday, the pair strengthened slightly. As of 1:40 am Eastern Time, the Greenback traded at 1.5255 against the Singapore dollar.

Against the Hong Kong dollar, the US currency edged lower on Wednesday evening in New York. However, the pair gained some momentum at 7:10 pm ET and then moved sideways. The range was limited between 7.8228 and 7.8239. As of 1:40 am Eastern Time Thursday, the Greenback was quoted at 7.8234 against the Hong Kong dollar.

The US dollar made a sharp but brief fall versus the South Korean Won at 5:15 pm ET Wednesday. Soon after, the dollar bounced back and entered a tight range. Currently the dollar has been extending the same trend and collected 931.2000 against the South Korean Won as of 1:40 am Eastern Time Thursday.

The US dollar drifted higher against its Indian counterpart in the evening deals on Wednesday. However, at about 8:35 pm ET, coming down from 40.6500 the pair touched 40.2750 within a few minutes. Thereafter, the dollar moved sideways but it reversed some of its losses by about 12:10 am ET Thursday. As of 1:40 am Eastern Time, a dollar was worth 40.5750 Rupees.

The Greenback showed weakness versus the Thailand currency on late Wednesday in New York. The pair hit as low as 32.6950 by about 11:45 pm ET and then held steady.

New Zealand Kiwi Choppy Versus Aussie, Declines Against Other Majors Late Wednesday, Thursday, May 24, 2007 12:32:12 AM

During the evening deals on Wednesday, ahead of the release of the New Zealand trade balance data for the month of April, the New Zealand currency moved sideways against the Greenback and the Euro, but it declined against the rest of majors. Amid the release, the major Kiwi pairs edged lower.

However, at about 8:30 pm ET, the Kiwi bounced back most of its losses against the Aussie and then showed a choppy trend. The Japanese April merchandise trade balance data which was also released during the session weakened the Kiwi further versus the Yen.

The Statistics New Zealand said that the New Zealand`s trade balance showed a deficit of NZ$212 million in April, compared to a surplus of NZ$61 million in the prior month. Exports rose 5.2% from last year, while imports climbed 13.5%.

Japan`s merchandise trade surplus surged 51.8% in April to 926.68 billion yen from 610.64 billion yen a year ago, a provisional report by the Ministry of Finance said. Analysts expected a trade surplus of 977.0 billion yen for April.

The New Zealand dollar moved sideways against the U.S. currency on Wednesday evening. However, the pair lost ground at 6:45 pm ET and this came following the release of the New Zealand April trade balance data. The Kiwi touched a low of 0.7276 by about 9:25 pm ET and then gained some momentum. Of late the pair is moving sideways again and as of 12:30 am Eastern Time Thursday, the Kiwi was quoted at 0.7285 against the Greenback.

In the evening hours on Wednesday, amid the release of the New Zealand April trade balance data, the European currency trended higher versus the Kiwi. At about 9:25 pm ET, the euro dropped slightly and entered a loose range thereafter. As of 12:30 am Eastern Time Thursday, a Euro collected 1.85 against the Kiwi.

Ahead of the releases of both the New Zealand and the Japanese economic data, the Kiwi ticked down against the Yen. The pair continued its downtrend following the releases and hit as low as 88.39 by about 9:25 pm Eastern Time. Soon after, the Kiwi strengthened slightly and followed a sideways movement. As of 12:30 am ET Thursday, the Kiwi was worth 88.57 against the Yen.

Against the New Zealand currency, the Aussie showed strength on Wednesday evening and this was ahead and amid the release of the New Zealand April trade balance data. However, at about 8:30 pm ET, the Aussie gave back most of its gains and showed a choppy trend thereafter. Lately the Aussie has been trading slightly higher and fetched 1.1300 against the Kiwi as of 12:30 am Eastern Time Thursday.

Yen Choppy Across The Board, Late New York Trading Wednesday, Thursday, May 24, 2007 12:17:26 AM

The yen saw choppy trading against its counterparts during late New York hours on Wednesday. The directionless trading by the Japanese currency took place after it gained briefly amid the merchandise trade balance data. Japan`s trade surplus widened in April on a yearly basis, according to the data released at 7:50 pm ET.

The yen moved from 121.65 to 121.44 against the US dollar amid the economic release during late New York trading on Wednesday. Thereafter, the pair rebounded, but saw choppy trading through late night deals. Lately, the dollar moved between 121.51 and 121.67 yen. Broadly speaking, the upward journey started by the pair in the first week of May has lifted it close to a 5-month high of 122.2.

The Japanese currency strengthened from 163.69 to 163.41 against the euro during late trading on Wednesday. The yen moved upwards amid economic release from Japan, but the gains were given back shortly thereafter. Of late, the pair has been seeing directionless trading. At 11:55 pm ET, the pair was quoted at 163.52. The pair has been testing resistance in long term, for the last few weeks.

The Japanese yen moved upwards against the British pound amid data release at 7:50 pm ET on Wednesday. The pair moved to 241.25 from 241.63 by about 8:20 pm, and then changed its direction. During later hours on the day, the pair saw choppy trading, and was worth 241.40 at 11:55 pm ET. This is a new multi-month high for the pound slightly lower than a multi-year high set on 23rd January 2007.

The yen drifted a few pips up against the Swiss franc during late New York trading on Wednesday, influenced by Japanese economic data, which was released at 7:50 pm ET. After hitting 98.93 at 8:20 pm, the yen gave back its gains, and saw directionless trading during late night hours. As of 11:55 pm ET, the pair was quoted at 98.99. Largely, for the last few weeks, the pair has been moving in a wide range, bouncing between 98.065 and 99.485.

Wednesday, May 23, 2007

Australian Dollar Advances Against Majors Early Wednesday,Wednesday, May 23, 2007 5:31:10 AM

The Australian dollar made advances against the other major currencies during early Wednesday in New York. The Bank of England`s monetary policy meeting minutes for the month of May released at 4:30 am ET weakened the Aussie slightly versus the Pound, but it bounced back soon after. The Italian retail sales and the Euro-Zone industrial new orders for March which were also released during the session helped the Aussie to trade further higher against the Euro.

During the evening deals on Tuesday, the Australian dollar ticked higher versus the U.S. currency. At about 8:45 pm ET, the pair slid briefly but it gained momentum again around midnight. The Aussie carried over its uptrend into the very early deals on Wednesday and it was worth 0.8245 against the Greenback as of 5:30 am Eastern Time.

Against the Australian dollar, the Euro started trending lower at 4:50 pm Eastern Time Tuesday. The pair thus moved from 1.6428 to 1.6381 by about 9:45 pm ET. The euro then strengthened slightly, but the pair made a steep fall during the early hours on Wednesday. As of 5:30 am ET, a Euro fetched 1.6309 against the Aussie.

The British currency showed weakness against its Australian counterpart on late Tuesday in New York. At about 9:45 pm ET, the Pound gained a few pips but the pair lost ground after about an hour. The Pound extended its downtrend during the early deals on Wednesday. However, at about 4:30 am ET, following the release of the BoE minutes for May, the pair traded slightly higher but the gains were given back soon after. As of 5:30 am Eastern Time, a Pound traded at 2.4005 against the Aussie.

In the late hours on Tuesday, the Australian dollar made advances against the Canadian currency, but the pair slipped slightly by about 8:45 pm ET. However, the Aussie steadied higher again at about 11:25 pm ET and strengthened further during the early hours on Wednesday. As of 5:30 am Eastern Time, an Aussie was quoted at 0.8957 against the Loonie.

Swiss Franc Higher Across The Board On Wednesday, Wednesday, May 23, 2007 3:49:00 AM

During the early hours on Wednesday in New York, the Swiss Franc traded higher against its major counterparts. However, on late Tuesday, the Swiss currency largely showed choppy trading against most of its majors, but it gained momentum versus the Yen. The Japanese March all industry activity index data which was released at 7:50 pm ET helped the Franc to trade further higher against the Yen.

The market now turns toward the Italian March retail sales data, followed by the Bank of England`s monetary policy meeting minutes for May and the Euro-Zone March industrial new orders data.

The Swiss Franc moved sideways versus the U.S. dollar in the evening deals on Tuesday. At about 7:55 pm ET, the pair declined slightly but it bounced back some of its losses within about an hour and then traded sideways again. However, in the very early deals on Wednesday, the Franc showed strength and fetched 1.2277 against the dollar as of 3:47 am Eastern Time.

At about 8:00 pm Eastern Time Tuesday, the Swiss Franc made a brief spike higher against the Euro. However, the Franc gave back some of its gains within about an hour and then entered a tight range. The pair extended the same trend until about 2:00 am ET Wednesday, but the Franc drifted higher thereafter. As of 3:47 am ET, the Franc traded at 1.6511 against the Euro.

During the late evening hours on Tuesday, the Franc trended higher versus the British currency. The Franc shed a few pips by about 8:30 pm ET and followed a sideways movement thereafter. However, at about 2:00 am ET Wednesday, the Franc started to trade higher and has been moving further higher lately. As of 3:47 am Eastern Time, the Franc was quoted at 2.4257 against the Cable.

Against the Yen, the Swiss Franc showed strength on late Tuesday in New York. The pair slipped slightly by about 10:50 pm ET and showed a choppy trend. The Franc continued the same trend in the very early deals on Wednesday, but by about 1:55 am ET it steadied higher again. As of 3:47 am Eastern Time, the Franc collected 99.15 against the Yen.

Euro Choppy Against Franc, Higher Against Rest Of Majors; Late New York Trading On Tuesday, Wednesday, May 23, 2007 2:06:44 AM

The European currency saw direction less trading against the Swiss franc, but it gained ground against the rest of majors during late trading in New York on Tuesday. Lately, in early Wednesday deals, the common currency has been moving sideways against its counterparts.

There is no impetus for bigger forex moves on Wednesday, with no data on tap from major economies during the European session. However, the Bank of England releases the minutes of its last monetary policy board meeting at 4:30 am ET, which is likely to be scrutinized by the market in a bid to glean clues about the future course of interest rates. Shortly thereafter, the euro-zone industrial new orders data for March is scheduled to be released, which is expected to show an improvement in the month.

US treasury secretary Paulson meets with his Chinese counterparts for the second day on Wednesday. Investors may focus on the outcome of meeting, as pressure from the U.S. to implement economic reforms can lead to a rift and cause a ripple in the currency market.

The euro moved sideways against the dollar in the evening trading on Tuesday in New York, but the pair edged up to 1.3461 amid the Japanese release at 7:50 pm. The gains were soon given back by the euro, but later, the pair spiked again. After hitting as high as 1.3463, the pair shed a few pips and as of 1:40 am ET on Wednesday, the euro was equal to 1.3459 dollars. Broadly speaking, the pair has been trending down from 27th April, and if moved further deeper, it is likely to test new long term support levels around 1.326.

The euro rallied against the Japanese unit in late trading on Tuesday in New York. Rising from 163.44 at 6:30 pm ET, the pair fetched as high as 163.76, before reversing its direction within about an hour. However, around a couple hours before midnight, the euro staged another spike, and the pair collected 163.84, shortly. Lately, the euro dropped a few pips, and the pair was quoted at 163.74 by about 1:40 am ET on Wednesday. The present trend is likely to lead the pair to a near term resistance level around 163.9, which is slightly below the 164.5 level, hit in October 1998.

The euro strengthened against the pound during late trading on Tuesday in New York. Gaining ground at about 5:10 pm ET, the pair moved from 0.6809 and fetched 0.6819 by about 10:50 pm ET. Within about an hour of that, the pair drifted a pip lower, and it has been moving range-bound below that level, lately. On Tuesday, the euro was t loss against the cable, which confirmed the downward journey started by the pair on 16th of this month. A likely near term level of support for the pair will be around 0.678 which was lastly hit on 10th May.

The European currency saw choppy trading versus the Swiss franc during late New York trading on Tuesday. Initial gains by the common currency resulted in the pair fetching as much as 1.6551, but it fell sharply, shortly. However, gaining ground within about an hour, the pair reached a tight range that limited between 1.6538 and 1.6548 and as been holding the same range, lately. Largely, the pair was at loss on Tuesday, which showed that the euro has started correction its gains in the previous week. For a pair weakening further, the likely near term level of support will be around 1.641.

Tuesday, May 22, 2007

Dollar Mixed Against Other Majors, Tuesday, May 22, 2007 3:57:34 PM

The dollar generally saw mixed trading on Tuesday in New York. The greenback gained to a multi-month high on the yen, but declined against the pound. Trading was uncertain with the euro. Meanwhile, the Japanese government downgraded its view on the US economy, the largest market for Japanese exports. The latest report said the pace of growth in the US economy is decelerating due to decline in housing sector activity. The prior month`s report stated that the world`s largest economy is expanding moderately.

The dollar was choppy against the euro on Tuesday in New York. The greenback touched a five-week high of 1.3438 shortly after 6 am Eastern Time. The morning`s trading took place amid the release of data showing that the German ZEW Indicator of Economic Sentiment beat expectations to continue its upward trend in May. Trading was level until about 10 a.m. ET when the dollar fell back. It got as low as 1.3470 at 10:15 a.m. ET. It climbed back late in the morning before leveling off in afternoon trading. The pair was at 1.3450 at 3:45 p.m. ET.

The greenback climbed against the yen on Tuesday in New York and touched a three-month high. The dollar dipped during the early morning, amid the release of the minutes of the last Bank of Japan policy meeting. The dollar was slightly below its overnight levels, but then soared at around 11 a.m. It stabilized in the afternoon and touched as high as 121.58 at 3:45 p.m. ET. This is its best level since late February.

Meanwhile, the dollar slipped in trading versus the British pound Tuesday in New York. The greenback slipped throughout the morning against its British counterpart. Trading on Tuesday came ahead of Wednesday`s release of the minutes from the last BoE monetary policy meeting, which left interest rates unchanged. The dollar hit a four-day low of 1.9768 at 11:45 a.m. ET. It rebounded slightly and then stabilized in the afternoon.

Gold Prices See Slight Drop, Tuesday, May 22, 2007 11:01:14 AM

Gold prices were down slightly in Tuesday morning`s U.S> trading. Gold for June was at $662.10, down $1.70. After rising early in the morning, gold got as low as $661.50 before rebounding slightly.

Gold has trended up in the last few days. It had reached a six-week low last week.

Meanwhile. silver fell 4 cents to $13.09, copper was down 5.55 cents to $3.3475, platinum dipped 80 cents to $373.50 and platinum declined $17.70 to $1,302.

Dollar Weakens In Late Morning, Tuesday, May 22, 2007 10:37:52 AM

The dollar weakened in Tuesday`s late morning in New York. The greenback was uncertain in trading with the euro and yen, while it lost ground against the pound. Meanwhile, the Japanese government downgraded its view on the US economy, the largest market for Japanese exports. The latest report said the pace of growth in the US economy is decelerating due to decline in housing sector activity. The prior month`s report stated that the world`s largest economy is expanding moderately.

The dollar fell away from a five-week high against the euro on Tuesday morning in New York. The greenback touched a daily low of 1.3473 at 2:30 am Eastern Time, and reached its recent resistance level of 1.3438 shortly after 6 am Eastern Time. The morning`s trading took place amid the release of data showing that the German ZEW Indicator of Economic Sentiment beat expectations to continue its upward trend in May. Trading was level until about 10 a.m. ET when the dollar fell back. It got as low as 1.3470 at 10:15 a.m. ET.

The greenback also saw choppy trading against the yen on Tuesday morning in New York. The dollar dipped during the early morning, amid the release of the minutes of the last Bank of Japan policy meeting. The dollar was slightly below its overnight levels into the late morning.

Meanwhile, the dollar slipped in trading versus the British pound Tuesday morning in New York. The greenback slipped throughout the morning against its British counterpart. Trading on Tuesday came ahead of Wednesday`s release of the minutes from the last BoE monetary policy meeting, which left interest rates unchanged. The dollar slipped again a little after 10 a.m. ET and was at a four-day low of 1.9752 at 10:30 a.m. ET.

Aussie Choppy Versus Canadian Dollar, Gains Ground Against Other Majors Early Tuesday, Tuesday, May 22, 2007 5:43:46 AM

The Australian currency showed choppy trading versus the Canadian dollar during the early hours on Tuesday in New York, but it gained ground against the rest of majors. The German and the Euro-Zone ZEW survey for the month of May as well as the Euro-Zone March trade balance data which were released at 5:00 am ET weakened the Aussie slightly versus the Euro.

The Australian dollar trended lower versus the U.S. currency on late Monday. After hitting a low of 0.8199 at 9:55 pm ET, the pair moved sideways but by about 1:25 am ET Tuesday it bounced back most of its losses. The Aussie collected as much as 0.8233 by about 3:55 am ET. Lately the pair is moving slightly lower and as of 5:42 am Eastern Time, an Aussie was worth 0.8214 against the Greenback.

During the afternoon deals on Monday, the European currency ticked down against its Australian counterpart. At about 3:05 pm ET, the euro advanced slightly and then moved sideways. The pair extended the same trend during the late hours. However, in the very early deals on Tuesday, the euro made a steep fall and touched an early morning low of 1.6355 at 3:50 am ET. Soon after, ahead of the release of the European economic data, the pair strengthened slightly and steadied further higher amid the release. As of 5:42 am Eastern Time, a Euro fetched 1.6379 against the Aussie.

Against the Australian dollar, the British Pound showed strength on late Monday in New York. The Pound slid briefly by about 10:00 pm ET and entered a tight range thereafter. At about 1:15 am ET Tuesday, the Pound started to weaken and hit a low of 2.3965 after about a couple of hours. The pair then traded slightly higher and as of 5:42 am Eastern Time, a Pound traded at 2.4006 against the Aussie.

The Australian currency lost ground versus the Canadian dollar in the late hours on Monday. However, the pair gained a few pips by about 10:00 pm ET but it showed a choppy trend within about an hour. The Aussie extended the same trend until the pair made another brief spike higher at 2:35 am ET Tuesday. However, the gains were given back within a few minutes and showed a choppy trend again. As of 5:42 am Eastern Time, an Aussie was quoted at 0.8912 against the Loonie.

Pound Moved Up Against Dollar, Without Direction Versus Rest Of Majors Early Tuesday In New York, Tuesday, May 22, 2007 5:08:56 AM

The British pound showed strength against the US dollar but saw directionless trading versus the rest of majors during early deals on Tuesday in New York. The cable traded mixed in recent hours as no fundamentals have been slated for release from the UK on Tuesday. Investors now turn toward the minutes of recent monetary policy board meeting, which will be released by the Bank of England on Wednesday.

The market is now looking forward to the ZEW German economic sentiment for the month of May, which is expected at 5:00 am ET on Tuesday.

However, in the wake of recent interest rate moves by the Peoples` Bank of China, meeting of the US treasury secretary Paulson with the Chinese officials, which is happening later this morning in Washington, will be viewed more cautiously by traders.

The British currency strengthened against the US dollar in the early hours on Tuesday in New York. Rising from 1.9704, the pair fetched as high as 1.9734 by about 2:55 am before changing its direction. The cable dropped only a few pips, and the pair has been moving sideways, lately. As of 4:50 am ET, the pair was quoted at 1.9733. The pair has been trading near 7-week lows, lately.

The pound saw directionless trading versus the euro during the very early deals on Tuesday in New York. The pair had its session`s high around 0.6835 at about 2:40 am, but later it weakened to 0.6823. Of late, the pair is moving sideways. The pair is now slightly off a 2-month high hit on 15th May, and a likely near term level of support will be around 0.678.

Amid Japanese releases around 1:00 am ET on Tuesday, the British currency gained marginally against the yen, but has weakened, afterwards. Falling from 239.6, the pair hit as low as 239.10 by about 3:30 am ET. However, thereafter, the sterling reversed its losses, and the pair was quoted at 239.68 at 4:50 am ET. The pair has been testing resistance levels slightly below 240 from around the beginning of the month, and if it moved upwards, the next likely level of resistance will be around 241.5, which was lastly collected on 23rd of January.

The British currency moved in a loose range against the Swiss franc early Tuesday in New York. The pair hit its session`s low near 2.4244 by about 2:40 am, but moved up to 2.4282 by around 3:15 am. Later, the pair slipped, but has been moving sideways, of late. At 4:50 am ET, the pound equaled 2.4271 francs, and the pair is now approaching a near term resistance around 2.43, lately.

Swiss Franc Strengthens Against Dollar, Drops Slightly Versus Other Majors Early Tuesday, Tuesday, May 22, 2007 3:45:23 AM

The Swiss currency showed strength versus the U.S. dollar during the very early deals on Tuesday in New York. On the other hand, the Franc dropped slightly against the other major currencies. The Bank of Japan`s monetary policy meeting minutes for April released at 1:00 am ET caused very little price action in the Franc versus the Yen.

The traders are now looking for the German and the Euro-Zone ZEW survey results for the month of May which is expected at 5:00 am ET.

The US dollar started trending higher versus the Swiss Franc at 6:45 pm Eastern Time Monday. The uptrend helped the pair to collect as much 1.2313 by about 11:55 pm ET. The dollar then ticked down and as of 3:41 am ET Tuesday, a dollar fetched 1.2292 against the Swiss Franc.

The Euro drifted lower against the Swiss Franc on late Monday in New York. Off 1.6552 at 9:15 pm ET the pair made some advances and then entered a tight range. The euro extended the same trend until about 1:40 am ET Tuesday, but it gained some momentum thereafter. As of 3:41 am Eastern Time, a Euro traded at 1.6574 against the Swiss Franc.

During the late hours on Monday, the British currency showed choppy trading versus the Swiss Franc. However, at about 1:40 am ET Tuesday, the pair lost ground slightly but it rebounded within about an hour and then edged further higher. As of 3:41 am Eastern Time, the Cable was quoted at 2.4270 against the Swiss Franc.

Against the Yen, the Swiss Franc traded slightly lower in the late evening deals on Monday. At about 8:20 pm ET, the pair gained a few pips and then followed a sideways movement. The BoJ`s monetary policy meeting minutes for April was released at 1:00 am ET Tuesday. The Franc extended the same trend amid the release, but by about 2:15 am ET it dropped slightly. As of 3:41 am Eastern Time, a Franc collected 98.58 against the Yen.

Euro Down Across The Board During Late Night Trading On Monday, Tuesday, May 22, 2007 2:43:54 AM

The euro traded slightly down across the board during the late night trading on Monday in New York. This reversed the gains collected by the common currency after heavy falls occurred during early deals on the day.

Of late, following the release of the minutes of the monetary policy board`s April month meeting by the Bank of Japan, the European currency started ticking up across the board. The minutes showed that the board members agreed the annual rate of change in the consumer price in consumer price index my hit number near zero in the short run.

The market is now looking forward to the ZEW German economic sentiment for the month of May, which is expected at 5:00 am ET on Tuesday.

However, in the wake of recent interest rate moves by the Peoples` Bank of China, meeting of the US treasury secretary Paulson with the Chinese officials, which is happening later this morning in Washington, will be viewed more cautiously by traders.

Losing ground around 6:45 pm ET on Monday, the euro moved to 1.3452 from 1.3474 against the US dollar. During the very early hours on Tuesday in New York, the pair ticked up, and it was worth 1.3475 at about 2:40 am ET. Losses on Monday confirmed the downward journey of the pair, which started on 27th of April, and is likely to test long-term supports near 1.326.

The euro lost ground against the sterling around 6:40 pm ET on Monday, and moving from 0.6837, the pair equaled as low as 0.6829 at about 9:00 pm before entering a sideways trend. However, of late, the common currency edged up against its British counterpart lately, and the pair was quoted at 0.6835 at about 2:40 am ET on Tuesday. The pair has been ticking down from15th of May, and a likely near term level of support will be around 0.678.

The euro moved down against the yen after hitting as high as 163.66 yen at about 5:15 pm ET on Monday. The pair saw directionless trading during the late night hours of the day, but has picked up a few pips, before losing ground at about 2:05 am ET on Tuesday. As of 2:35 am ET, the pair was equal to 163.39. Largely speaking, the pair has been trading near fresh multi-year highs from the middle of this month.

The euro weakened against the Swiss currency after collecting 1.6579 franc at about 5:25 pm ET on Monday. However, by about 9:15 pm, the pair changed its direction and moving up from 1.6552, entered a tight range, shortly. Of late, following the release of its April meeting minutes by the Bank of Japan, the pair added to its gains, and was worth 1.6566 as of 2:40 am ET. By trading above 1.658, the pair set a new multi-year high on Friday, and since then, the euro has been sideways against the Swiss currency.

Monday, May 21, 2007

Euro Declines Slightly Against Majors Early Monday, Monday, May 21, 2007 4:17:09 AM

The European currency trended slightly lower against its major counterparts during the early hours on Monday in New York. The Swiss producer and import prices data released during the session is likely to have an effect on trading in the euro versus the Swiss Franc. The traders are now looking for the British M4 money supply for the month of April which is expected at 4:30 am ET.

Swiss producer and import price index rose 0.9% on month in April, the statistical office said Monday. On a yearly basis, the index gained 2.6%. Economists expected 0.4% increase on month and 2.0% climb annually. The import price index moved up 1.4% on month and climbed 3.4% on year.

In the evening hours on Sunday, the European currency made advances against the U.S. dollar. The pair lost a few pips at about 6:55 pm ET and then moved sideways. The euro resumed the same trend during the very early deals on Monday. However, at about 2:40 am ET, the pair started to trade lower and has been weakening further lately. As of 4:15 am Eastern Time, a Euro was worth 1.3505 against the dollar.

The Euro traded in a range versus the British currency on late Sunday in New York. At about 1:00 am ET Monday, the euro gained some momentum but the pair edged lower soon after. Currently the pair has been moving further lower and as of 4:15 am Eastern Time, a Euro fetched 0.6844 against the Sterling.

Late Sunday in New York, the European currency showed strength against its Japanese counterpart and fetched a high of 163.96 by about 10:30 pm ET. The pair entered a tight range thereafter and extended the same trend until about 2:40 am ET Monday. The euro then ticked down and as of 4:15 am Eastern Time, traded at 163.78 against the Yen.

Against the Swiss Franc, the European currency traded slightly during the late Sunday trading. At about 9:40 pm ET, the euro bounced back some of its losses and then followed a sideways movement. The pair was limited between 1.6285 to 1.6295. The euro continued the same trend in the very early deals on Monday, but it dropped at about 3:05 am ET. As of 4:15 am Eastern Time, a Euro was quoted at 1.6278 against the Swiss Franc.

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