Euro Pares Early Gains Against Most Majors
05:12, 21st December 2009
(RTTNews) - The euro pared Monday's Asian session gains against the currencies of US, Japan and UK during early European deals. But on the other hand, the euro recovered early losses against the franc.
The European currency pared its Asian session gains against the US dollar and the pound during early European deals. The euro thus slipped to 0.8864 against the pound and 1.4281 against the US currency, from 0.8892 and 1.4360, respectively hit during today's early Asian session. The euro closed Friday's deals at 1.4345 against the dollar and 0.8882 against the pound.
The euro that largely showed choppy trading against the yen during Monday's Asian trading, fell during early European trading. The euro thus moved from 129.81 to 129.21 by 4:20 am ET, with 128.8 seen as the next downside target level. At yesterday's New York session close, the pair was quoted at 129.65.
After falling to a new multi-month low of 1.4883 on Monday's early Asian trading, the euro-franc pair climbed during the later part of the session. However, the euro fell during early European trading, but by about 3:45 am ET, the euro-franc pair gained ground and hit as high as 1.4971 within about ten minutes. This may be compared with yesterday's closing value of 1.4951. On the upside, 1.514 is seen as the next target level.
The Swiss National Bank said in a report that M3 money supply increased 7.6% year-on-year in November, the same rate of growth as in the previous month. A year ago, M3 money supply was up 1.9%. At the same time, M2 money supply surged 30.2% compared to the 38.1% growth in the preceding month. M1 money supply also grew 30.2%.
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