RTTN: Euro Recovers From Multi-day Lows Against Dollar And Yen
(RTTNews) - During early European session on Monday, the euro recovered from multi-day lows against the U.S. dollar and the Japanese yen despite a fall in regional stocks.
Meanwhile, the euro rose slightly against the pound and the franc.
European stocks opened lower today, tracking subdued global cues after dismal economic data and lower-than-expected second-quarter results from Citigroup Inc. and Bank of America Corp. stoked fears over the pace of U.S. economic recovery.
A downgrade of Ireland's sovereign bond ratings by Moody's today also added to investor worries. Moody's cut the rating by one notch to Aa2 From Aa1 and said it expects Irish economic growth to be below its historical trend over the next three to five years.
Germany's DAX fell 0.2% in early deals, France's CAC 40 index also plunged 0.2% and U.K.'s FTSE 10 index lost 0.7%.
The euro that slipped to a 4-day low of 1.2872 against the dollar and a 6-day low of 111.45 against the yen at 2:25 am ET Monday recovered thereafter. At 3:45 am ET, the euro traded at 112.39 against the yen and 1.2956 against the dollar. The next upside target level for the euro is seen at 113.3 against the yen and 1.301 against the dollar.
The euro that largely showed choppy trading against the currencies of U.K. and Switzerland in Asian deals on Monday strengthened slightly during early European session. As of 3:45 am ET, the euro traded at 0.8451 against the pound and 1.3590 against the franc. If the euro advances further, it may likely target 0.846 against the pound and 1.363 against the franc.
Looking ahead, the Euro-zone current account data for May is due at 4:00 am ET.
The U.S. NAHB housing market index for July has been slated for release in the New York morning.
