Euro In 2 �-month High Versus Greenback

Euro In 2 �-month High Versus Greenback

Friday, March 16, 2007 6:00:41 AM - After the Asian session of Friday, euro emerged strong against the greenback and sterling. By about 10 pm ET, Thursday, EURUSD crossed 1.33 level and this constituted a high for the pair since early January. The late Thursday deals in New York however, saw the common currency weakening against the Swiss Franc and yen but these currencies gave back their gains around midnight. Shortly before the Japanese release at 1:00 am ET, EURCHF and EURJPY collected their session’s highs.

The Euro held its late New York Thursday gains against the greenback and the cable into the small Friday deals too. At 2:40 am EURUSD came off the range and collected some more points. Deals through the European session witnessed French current account and Italian trade deficit numbers for January but the pairs largely were intact amid these releases. Traders seemed waiting for the US session, which is loaded with February inflation figures and university of Michigan consumer confidence for March.

The European currency rallied against the greenback Thursday during late hours in New York. Pair grew from 1.3231 to 1.3317 by about 10 pm and afterwards, it moved sideways. At 2:40 am Friday, euro came off this range and fetched a few more points. As of 5:50 am ET, euro versus buck traded at 1.3318. This is in line with the early January quotes.

To the sterling, euro rose at 7 pm ET Thursday and the pair entered a range within about a couple hours. The range was a loosely bound one and this was given up at about 3 am ET Friday. The common currency traded down afterwards and EURGBP collected 0.6843 at 5:50 am ET.

Against the Swiss Franc, the euro showed weakness through late Thursday’s deals in New York. EURCHF lost ground at 7:30 pm when it was worth 1.6125 and fetched 1.6075 by about 10:00 pm. Around midnight, the pair moved upwards but at 12:40 am Friday, after trading at 1.6116, weakened again. As of 5:50 am ET, the European currency equaled 1.6055 of a CHF.

The Euro versus the yen was little changed after the Asian session and towards the end of the European session of Friday. Late evening Thursday in New York, the JPY staged a rally but the common currency bounced back these losses soon. The pair came down again and was uncertain until about 11:15 pm ET. The euro climbed up to the yen ahead of the Japanese data at 1:00 am Friday but it trended down through the hours after. Towards the end of the European session, EURJPY showed uncertainty largely, and fetched 155.39 as of 5:50 am ET. This is compared with 155.35, collected shortly before the Euro’s rally at 7 pm Thursday, in New York.