Euro Slips On Weak Equities

Date : 04/13/2012 @ 6:06AM
Source : RTTF2
Stock : Euro (B) VS United States Dollar Spot (Eur/USD) (EURUSD)
Quote : 1.22377  -0.004385 (-0.36%) @ 8:50AM
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Euro Slips On Weak Equities

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The euro weakened against other major counterparts in the European session on Friday as market sentiment dampened following a slower than expected GDP growth in China.

Thus far, Germany's DAX lost 1.11 percent, France's CAC 40 index edged down 1.18 percent and U.K.'s FTSE 100 index fell 0.57 percent.

The Chinese economy slowed more than expected in the first quarter, data from the National Bureau of Statistics showed.

The gross domestic product expanded 8.1 percent year-on-year in the first three months of 2012, slower than the fourth quarter's 8.9 percent increase. Economists were looking for a growth slowdown to 8.4 percent.

In economic news, Germany's EU harmonized inflation slowed in March as initially estimated, final data from the Federal Statistical Office showed today.

The harmonized index of consumer prices for Germany, which is calculated for European purposes, rose 2.3 percent annually, which was slightly slower than the 2.5 percent growth seen in February.

The European single currency slipped to 0.8257 against the pound and 1.3144 against the greenback with 0.82 and 1.31 seen as the next downside target levels, respectively. At Thursday's close, the euro was worth 0.8265 against the pound and 1.3189 against the greenback.

U.K. output price inflation slowed to 3.6 percent annually in March from 4.1 percent in February, the Office for National Statistics showed today. But it stayed slightly above the 3.5 percent consensus forecast.

Input price inflation also eased in March, to 5.8 percent from 7.8 percent in the prior month.

After touching a 3-day high of 107.12 against the yen in early Asian deals, the euro fell shortly thereafter. The euro is now trading at 106.49 against the yen and the next downside target level for the euro is seen at 106.00.

Against the franc, the euro edged down to 1.2015 with 1.20 seen as the next downside target level. The euro-franc pair ended Thursday's deals at 1.2019.

The euro slipped to a 3-day low of 1.3096 against the Canadian dollar, compared to 1.3117 hit late New York Thursday. If the euro slides further, it may target 1.305 level.

The U.S. inflation report for March and the University of Michigan's consumer confidence survey results for April are slated for release in the New York session.

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