RTTN:Euro Slightly Off Multi-week Highs Against Most Majors
(RTTNews) - In early European deals on Monday, the euro pulled back slightly from multi-week highs against the currencies of US, UK and Switzerland despite a rise in European stocks.
European stocks opened higher, helped by a positive lead from Wall Street and gains in Asian stocks this morning after Federal Reserve Chairman Ben Bernanke didn't announce any immediate measures to stimulate the world's largest economy, but confirmed that he would use a variety of methods to support the economy from slowing down.
Germany's DAX is now up by 1.3 percent and France's CAC 40 index is adding 1.6 percent.
The U.K. stock market is closed today for summer bank holiday.
The euro is now worth 1.1803 against the franc, down from more than a 5-week high of 1.1866 hit at 3:20 am ET.
Against the US dollar, the euro is trading at 1.4520, compared to an 8-week high of 1.4550 hit at 2:55 am ET.
The euro that strengthened to near a 3-week high of 0.8882 against the pound at 1:20 am ET eased thereafter and the pair is now worth 0.8860.
The euro also pared its recent gains against the yen and the pair is currently trading at 111.15, down from a high of 111.61 hit at 2:55 am ET.
The yen fell against the euro in late Asian deals after Japan's ruling party elected Yoshihiko Noda as its new leader, paving the way for the 54-year-old finance minister to become the nation's sixth prime minister in the last five years.
Noda won 215 votes in the run-off held in the afternoon, while Kaieda received 177 votes.
Investors now focus on the New York session, in which the U.S. personal income and spending and pending home sales - all for the month of July are scheduled for release.
