EUR/CHF
Posted on April 18th, 2008 in Currency Analysis, RTT News |
Euro Climbs To New Multi-week High Against Swiss Currency [EUR/CHF]
4/18/2008 2:39:58 AM The European currency recovered the losses it incurred in early Friday Asian trading against most majors towards the end of the session. The euro thus surged to a new multi-week high versus the franc. Against the pound, the euro pared the early gains during this time.
Germany`s producer price annual inflation accelerated to 4.2% in March from 3.8% in February, the Federal Statistical Office reported today. Economists had expected the rate to increase to 4%. The statistical office said this is the highest year-on-year rate of price increase since December 2006, when it was up 4.4%. A year ago, producer price annual inflation stood at 2.5%. On a monthly basis, the Producer Price Index, or PPI, grew 0.7%, unchanged from February and faster than the 0.5% expected.
The euro is now trading at 1.5940 against the dollar and 163.13 against the yen, gained from 1.5886 and 162.70 hit respectively at 10:55 pm ET. The euro-dollar pair closed yesterday`s New York session at 1.5909 and the euro-yen pair at 163.08.
The Japanese consumer sentiment index improved in March with the reading increasing slightly to 36.7 from 36.1 in February. Economists had expected the indicator to rise to 37.4. A year ago, the indicator stood at 46.8.
The euro touched a low of 1.5980 against the franc before bouncing back at 10:55 pm ET. The pair rose to a new multi-week high of 1.6018 by about 2:00 am ET, compared to 1.6010 hit late Thursday in New York.
The euro climbed to 0.7997 against the pound by about 9:55 pm ET. But the pair lost ground thereafter and reached 0.7982 at 2:15 am ET. The pair was worth 0.7989 at yesterday`s close.
The Italian industrial orders and the British M4 money supply are expected in the upcoming hours.
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