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Euro Slips To Multi-day Lows Against Most Majors [EUR/USD]
4/29/2008 6:13:01 AM The European currency showed weakness against its major counterparts in early European deals on Tuesday. The euro plunged to a 13-day low against the yen and 23-day lows against the pound and the dollar.

The French consumer confidence indicator, Italian PPI, UK money supply, which were released today likely influenced trading.

Italian producer prices rose 0.8% in March from the previous month, slightly slower than 0.9% growth in February, the statistical office ISTAT said today. However, producer prices increased more than 0.5% expected by analysts. Compared with March 2007, the producer price index climbed 6.3%, higher than the 5.8% anticipated.

French consumer confidence continued to decrease in April with the indicator falling to minus 37 from minus 36 in the prior month, the statistical office INSEE reported today. The reading matched economists` expectations.

The Euro trended lower against the dollar in early deals on Tuesday. The euro-dollar pair touched a 23-day low of 1.5542, compared to 1.5660 hit late New York Monday. As of now, the euro buys 1.5569 dollars.

The European currency also declined to a 23-day low of 0.7833 versus the British pound by about 3:35 am ET Tuesday. The pair then reversed direction and it is now worth 0.7861, slightly down from yesterday`s North American close of 0.7866.

UK`s M4 money supply growth for March was revised down to 11.9% annually from 12%, a final report from the Bank of England revealed Tuesday. The money supply growth eased from 12.3% in February and 13.2% in January.

The Euro that bounced between 162.93 and 163.23 against the yen in Asian deals on Tuesday moved off the range at 2:25 am ET. The pair slipped to a 13-day low of 162.09 by about 4:00 am ET. The pair that closed Monday`s trading at 163.07 is currently quoted at 162.36.

During early deals on Tuesday, the Euro edged down against the Swiss currency. Currently, the euro-franc pair is trading at 1.6146, down from Monday`s closing value of 1.6190.

The US consumer confidence report for April has been slated for release later in the morning.

The Bank of Japan and the US Federal Reserve are scheduled to announce their interest rate decisions tomorrow. Analysts expect the BoJ to keep rates steady at 0.5%, while a 25 bps rate cut is widely expected from the US central bank. Copyright © 2007 RTTNews.com. All Rights Reserved.

Dollar Slightly Weaker Versus Majors Monday Morning [EUR/USD]
4/28/2008 7:09:22 AM The dollar was slightly weaker versus other major currencies Monday morning in New York, easing a bit to the euro and sterling while levelling off against the yen. With no major economic readings due out Monday, investors were looking ahead to Wednesday`s interest rate decision from the Federal Reserve.

While Monday should be a quiet day on the economic front, later this week traders will be treated to figures on consumer confidence, Chicago PMI, Advanced Q1 GDP, ADP employment, ISM manufacturing and U.S. Non-farm payrolls.

The dollar drifted slightly lower versus the euro, pulling away from Friday`s 3-week high of 1.5554 to trade at 1.5692. German consumer confidence improved significantly in April, raising the forecast for May, results of a survey showed.

Monday, the Nuremberg-based GfK said its forward-looking consumer climate indicator is forecasting a value of 5.9 points for May, up from a revised 4.8 points in April. Initially, the April reading was forecasted at 4.6. Economists were looking for a reading of 4.5 for May.

In its economic forecast report, the European Commission revised up its euro area inflation forecast to 3.2 percent from 2.6 and to 2.2 percent from 2 percent, respectively.

The dollar saw little movement against the yen Monday morning, staying near last week`s 2-month low. The dollar fetched 104.50 approaching 7 am ET, down slightly from 104.81 last night.

Retail sales in Japan rose 1.1% year-on-year in March, according to data released by the Ministry of Economy, Trade and Industry Monday. Retail sales were boosted by higher spending on fuel due to higher gasoline prices. This was the eighth consecutive month that rising retail sales.

Later in the week, the Bank of Japan is expected to maintain its 0.5 percent key interest rates.

The dollar eased to the sterling Monday morning, slipping to 1.99 from an early level near 1.9780. There is little economic data set from release from the UK, leaving traders to look ahead to Tuesday, when BOE Governor Mervyn King will testify before Parliament. Copyright © 2007 RTTNews.com. All Rights Reserved.

Dollar At New Highs Against European Majors [EUR/USD]
4/25/2008 3:24:31 AM The dollar has been extending its uptrend against the other major currencies. Currently, the dollar is trading at new highs of 1.5620 against the euro, 1.0398 versus the franc and 1.9680 per pound. Against the yen, the dollar is quoted at 104.54. Copyright © 2007 RTTNews.com. All Rights Reserved.

Dollar Rallies Versus Euro, Sterling Thursday Ahead Of Durable Goods Data [EUR/USD]
4/24/2008 7:05:56 AM The dollar was generally stronger versus other major currencies Thursday morning in New York, putting its record low versus the euro in the rear-view mirror while hitting a weekly high versus the sterling.

Traders were looking ahead of a slew of economic data from the US. At 8:30 am ET, the Department of Commerce will release its data on durable goods orders, which is a key indicator of the health of the manufacturing sector. Durable goods orders fell 1.1 percent in February following a 4.4 percent drop in January. Economists expect orders to tick up 0.6 percent.

Additionally, the Commerce Department will release its new home sales data and the Labor Department will release its data on weekly jobless claims. The consensus is for weekly claims to rise to 375,000 following last week`s rise of 372,000.

At 10 am ET, market players will be treated to more housing data with the release of new home sales figures for March. Economists forecast new home sales to decline 1.7% following February`s decline of 1.8%.

The dollar rocketed higher versus the euro for a second day Thursday morning, soaring to 1.5720 from an early level near 1.5820. The buck has jumped almost 3 cents since hitting a record low of 1.6023 Tuesday morning. The buck`s advance was fueled by the release of industry data showing that German consumer confidence fell more than expected in April.

The German business climate index fell to 102.4 in April from 104.8 in March, the Munich-based IFO research institute revealed Thursday. The index stood below the expected level of 104.3. The indicator deteriorated for the first time four months.

The French business confidence indicator dropped to 106 in April from March`s revised 108, the statistical office INSEE said Thursday. Economists had expected the index to fall to 108. Earlier, the reading for the month of March was report at 109.

Euro zone`s working day and seasonally adjusted current account showed a surplus of EUR4.3 billion in February, the European Central Bank, or ECB, said Thursday.

The dollar edged higher in choppy dealing versus the sterling, rising to a weekly high of 1.9708 before slipping back to 1.9757. UK retail sales declined slightly more than expected in March from February.

Data released by the Office for National Statistics showed that the retail sales dropped 0.4% month-on-month in March, a slightly bigger fall than the 0.3% decline forecasted. February`s monthly increase was revised up to 1.1% from 1%.

The dollar was little changed versus the yen Thursday morning in New York, rising to 103.90 before moving back to 103.50. Versus its Canadian counterpart, the dollar pared some of yesterday`s significant gains, slipping to 1.0165 from an early level near 1.02. Copyright © 2007 RTTNews.com. All Rights Reserved.

Dollar Gains Further Against Majors [EUR/USD]
4/24/2008 2:53:58 AM The US dollar has been strengthening further against its major counterparts in early deals on Thursday. The dollar is now trading at 1.5830 per euro, 1.9750 against the pound, 103.90 against the yen and 1.0208 francs. Copyright © 2007 RTTNews.com. All Rights Reserved.

Dollar On Pause Versus Other Majors Wednesday Morning [EUR/USD]
4/23/2008 7:20:42 AM The greenback was range-bound versus other major currencies in quiet dealing Wednesday morning in New York. At 7 am ET, the Mortgage Bankers Association released its mortgage applications report, showing that US mortgage applications fell by 14.2 percent last week. There was little reaction to the news.

The dollar stayed near its record low from the previous session versus the euro Wednesday morning following the release of data showing that euro zone industrial new orders unexpectedly grew in February. The greenback was range-bound between 1.5950 and 1.60 in early dealing, having improved from yesterday`s all-time low of 1.6018.

Euro zone industrial new orders grew 0.6% month-on-month in February, the Eurostat announced Wednesday. Economists had expected a decline of 0.4%. However, the new order growth eased from a revised 2.2% rise registered in January. New orders, excluding ships, railway and aerospace equipment decreased 0.3% from the previous month, reversing 1.2% growth in January.

France`s consumer spending of manufactured goods declined 1.7% month-on-month in March, faster than 0.3% fall expected, the statistical office INSEE said Wednesday. In February, consumer spending was up 1.3%, revised up from 1.2% reported earlier.

The dollar was slightly stronger in choppy dealing versus the sterling, rising to 1.99 from an overnight level near 1.9950. The pair has shown a lack of direction this week, with the buck slipping to a multi-week low before stabilizing.

Wednesday, the minutes of the April rate-setting session of the nine-member Monetary Policy Committee of the Bank of England revealed that six policymakers voted in favor of the proposition to cut the bank rate by 25 basis points to 5%, while three rate-setters voted against. Policymakers Tim Besley and Andrew Sentance preferred to maintain Bank Rate at 5.25%, while David Blanchflower preferred an immediate reduction of 50 basis points to 4.75%.

The dollar was little changed against the yen, bouncing bank and forth around 103. The buck has levelled off since hitting a multi-week high of 104.63 last Friday. The greenback was also unable to sustain any movement versus the loonie, staying near 1.008 through mid-morning.

Dollar Drops To New Record Low Versus Euro [EUR/USD]
4/22/2008 4:03:54 PM The dollar continued its free-fall versus the euro, dropping below $1.60 for the first time ever. The buck also lost considerable ground against the sterling after a Bank of England official made hawkish comments.

The buck`s decline was fueled by the release of data painting a troubling picture of the US housing sector. The National Association of Realtors released its report on existing home sales in the month of March, showing that sales of existing home fell roughly in line with economist estimates after increasing in the previous month.

The report showed that existing home sales fell 2.0 percent to an annual rate of 4.93 million units in March from a 5.03 million unit rate in February. Economists had expected existing home sales to slip to 4.92 million units.

The dollar fell to its lowest ever versus the surging euro, dropping to to 1.6018 from an early level near 1.5850. Traders considered comments from European Central bank officials indicating that the central bank might raise interest rates later this year to help curb inflation.

The greenback was also on the defensive versus the sterling, dropping to a daily low of 1.9998 before stabilizing. In doing so, the buck gave back its considerable gains from the previous session.

The buck lost a bit of ground versus the yem, easing to 103 from an early level near 103.50. The dollar pulled further away from Monday`s multi-week high above 104.50.

The Bank of England`s GBP50 billion Special Liquidity Scheme should allow the Monetary Policy Committee to stay focused on its task keeping inflation in check, a policy maker Timothy Besley said. In the text of his speech titled ‘Inflation and the Global Economy`, the BoE rate-setter said one of the reasons he welcomed the plan announced by the UK central bank a day earlier was that, “it is targeted directly at alleviating a key stress that has followed from the current disruption in financial markets”. “This should allow the MPC to stay more focused on its task of using monetary policy to target inflation”. The speech was delivered at Canada-UK Chamber of Commerce in London.

Dollar Falls To Euro, Sterling Ahead Of Housing Data [EUR/USD]
4/22/2008 7:00:47 AM The dollar lost ground to the euro and sterling but inched higher versus the yen Tuesday morning in New York as corporate earnings continued to pour in ahead of a pivotal report on the US housing situation.

The dollar was on pause versus the loonie ahead of the Bank of Canada`s latest interest rate decision. The dollar bounced back and forth near 1.0070 for most of morning, having stabilized since dropping below par last week. Considering last week`s tame Canadian inflation data, most analysts are predicting the BoC will slash interest rates by 50 basis points to 3 percent.

Dollar Fights Back From Early Losses Versus Majors Thursday Morning [EUR/USD]
4/17/2008 7:09:18 AM The dollar bounced back from early weakness versus other majors Thursday morning in New York ahead of another flurry of economic news and speeches from a number of Federal Reserve officials.

The greenback also surged back above par versus the loonie, rising to 1.0043 after dropping to .9992 overnight. Canada`s currency has gotten a big boost this weak from soaring commodities prices.

Euro Soars To Historic Highs Versus Dollar And Pound On Euro Zone Inflation News [EUR/USD]
4/16/2008 7:01:16 AM The euro skyrocketed to its highest ever versus both the dollar and sterling Wednesday morning in New York following the release of data showing that euro zone inflation rose to a record level in March.

Also at 8:30 am ET, data on housing starts and building permits for March will be released. Analysts expect around 1.01 million housing starts for March, fewer than the 1.065 from February. Building permits are also expected to contract to 970,000 from February`s 984,000.