EUR/USD
Euro Mixed In Trading Against Majors [EUR/USD]
3/19/2008 6:49:54 AM The Euro showed a mixed trading against its major counterparts during early deals on Wednesday. The euro gained against the dollar and the pound, but it declined versus the yen and the franc. The euro weakened against the yen and the franc after hitting 5-day highs in early Asian deals.
Euro zone trade deficit widened to EUR 10.7 billion in January from EUR 4.1 billion in December, a report from the Eurostat indicated today. A year ago, the deficit was EUR 7.3 billion. Economists were looking for a deficit of EUR 7 billion. The exports and imports rose by seasonally adjusted 7.4% each in January.
Italian industrial turnover increased 6.1% year-on-year in January, faster than 4.5% expected, the statistical office ISTAT said today. On a monthly basis, total turnover was up 4.6%, above the 1.1% forecasted.
The euro reached 1.5786 against the dollar by about 5:10 am ET, moving up from a 5-day low of 1.5615 hit earlier today. The euro-dollar pair was worth 1.5628 at yesterday`s close.
The euro that closed yesterday`s trading at 0.7788 against the pound rose to 0.7879 at 5:30 am ET.
The Bank of England`s rate-setting body was split while deciding to leave the key interest rate unchanged in March. The Minutes of the session held on March 5 and 6 revealed today that the nine-member Monetary Policy Committee voted 7-2 to maintain the bank rate at 5.25%. John Gieve and David Blanchflower sought a reduction of 25 basis points in the benchmark rate.
According to the minutes, the challenge facing the Committee in March was to balance the increased upside and downside risks in order to keep inflation on track to meet the target in the medium term. “A further tightening of credit conditions remained possible”, the minutes stated.
At about 4:50 am Eastern Time, the euro touched 154.08 against the yen and 1.5573 versus the franc, falling from 5-day highs of 157.05 and 1.5701, hit respectively in early Asian trading.
The Bank of England`s rate-setting body was split while deciding to leave the key interest rate unchanged in March. The Minutes of the session held on March 5 and 6 revealed today that the nine-member Monetary Policy Committee voted 7-2 to maintain the bank rate at 5.25%. John Gieve and David Blanchflower sought a reduction of 25 basis points in the benchmark rate.
According to the minutes, the challenge facing the Committee in March was to balance the increased upside and downside risks in order to keep inflation on track to meet the target in the medium term. “A further tightening of credit conditions remained possible”, the minutes stated.
Data released earlier today showed that the industrial activity in Japan remained flat in January. The index stood at 107.0, slightly less than the 0.1% increase that analysts had been forecasting.
As of now, the euro is worth 155.33 versus the yen, 1.5641 francs, 1.5742 against the dollar and 0.7873 versus the pound.
Tags: EUR/USD
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