Euro Struggles Against Dollar And Yen, Strong Against Sterling

Euro Struggles Against Dollar And Yen, Strong Against Sterling

Wednesday, January 31, 2007 3:06:09 PM - The euro struggled against the dollar and yen during trading on Wednesday. Meanwhile, the euro advanced against the pound. The currency traded as Germany and the Euro-Zone released a number of economic reports.

The euro moved little against the dollar overnight into Wednesday morning. The euro spiked briefly with the release of the U.S. Federal Rate decision, but resumed trading near pre-announcement levels of 1.2950. The euro has held in a monthly range against the dollar, moving near 2 month lows.

The euro climbed against the sterling in the early action on Wednesday. The currency rose to a mark of 0.6631 and stayed near that mark into the afternoon. The euro is near a three week high against the sterling, as the currency continues to move up off multi-year lows hit early in January.

The euro climbed against the yen in Wednesday’s trading. However, the euro has given back some of its losses against the yen. The euro moved near a mark of 157.30 into the afternoon. The euro has traded in range against the yen over the past week and a half, moving near multi-year highs.

Euro-zone Economic Sentiment Indicator stood at 109.2 in January. Meanwhile, Euro-zone annual inflation is expected to come in at 1.9% in January. Euro-zone seasonally adjusted jobless rate narrowed to 7.5% in the month of December. In Germany, retail turnover dropped real 0.2% year-over-year in December. German Consumer Price Index rose 1.6% on yearly basis in January. German jobless rate computed as per ILO norms narrowed to a seasonally adjusted 7.6% in December.

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