Forex news: euro’s weakening vs dollar, yen and pound, but it’s gaining vs franc
May 5, 2009 - 1:25pm author: kara deniz Markets News
During early deals on Tuesday, the euro showed weakness against its UK counterpart on speculation the European central bank will cut interest rate this week to counter a deepening recession. The 16-nation currency also lost ground versus its US and Japanese counterparts. On the other hand it reached an 11-day high against the Swiss franc.
Thereby, at about 2:45 am ET Tuesday, the euro slipped to near a 2-week low of 0.8862 against the sterling, with 0.881 seen as the near term resistance level. The pair closed Monday’s North American trading at the level of 0.8929.
Euro, that closed yesterday’s New York session at the level of 1.3408 against US dollar, pared its gains falling from a 1-month high of 1.3419. Thus by about 2:55 am ET on Tuesday EUR/USD pair fell to 1.3332 point.
The euro also lost ground against the yen during Tuesday’s early trading in Asia and by 2:50 am ET declined as low as 131.78. The next downside target level for the pair was seen around 130.3. Late Monday in New York EUR/JPY pair was quoted as much as 132.48.
Against the Swiss franc the euro started recovering by about 12:20 am ET. Thus euro climbed from 1.5075 to 1.5145 by 2:40 am ET, setting an 11-day high for the pair. The next upside target was seen around 1.52 point. The EUR/CHF pair closed yesterday's session at 1.5103 level.
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