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Euro Recovers Against Dollar And Yen 77 days ago
(RTTNews) - In European deals on Tuesday, the euro recouped some of its Asian session's losses against the dollar and the yen on upbeat economic reports from Germany. Meanwhile, the euro remained higher against the pound and climbed to a 12-day high.
Ifo Institute for Economic Research said today that the German business climate index rose to 93.9 in November from 91.9 recorded in October. Economists had forecast an increase to 92.5.
The German economy rebounded in the third quarter on investment and strong external demand, while private spending had a downward impact pointing towards a weakening stimulus from the car srappage scheme that pushed the consumption in the first two quarters of 2009.
The largest Eurozone economy expanded 0.7% in the third quarter from the previous quarter, following the 0.4% increase seen in the second quarter, a detailed report from the Federal Statistical Office revealed today. The statistical office confirmed the preliminary estimates released on November 13. The economy exited recession in the second quarter, following four straight quarters of negative GDP growth.
additionally, Eurozone industrial new orders decreased 16.5% year-on-year in September, compared to the 23.2% fall in the previous month, revised from 23.1% decline reported initially. Economists expected a decline of 17.3%.
The European currency bounced back against the US dollar after falling to 1.4890 by 2:30 am ET. Currently the pair is trading at 1.4949, compared to yesterday's close of 1.4962. On the upside, 1.50 is seen as the next target level.
From U.S., the Bureau of Economic Analysis is due to release its preliminary third quarter GDP report at 8:30 am ET. The report is likely to show that the U.S. economy expanded at a 2.9% rate in the quarter.
At 9:00 am ET, the S&P/Case-Shiller home price index is scheduled to be released. Economists expect a 9.05% year-over-year decline in the 20-city composite house price index for September. One hour later, the Conference Board is scheduled to release its consumer confidence report for November. The report, is expected to show that the consumer confidence index edged down to 47.5 in November.
The Federal Reserve is scheduled to release the minutes of its November 3rd-4th meeting at 2 pm ET.
Against the franc, the euro pared recent gains. The euro thus moved from 1.5122 to 1.5111 by 5:45 am ET, compared to 1.5114 hit late Monday in New York.
The UBS consumption indicator for Switzerland rose to 0.87 in October from a revised 0.67 recorded in September, the UBS bank said today. It remained below its long-term average of 1.5, indicating a modest increase in private consumption year-on-year. "The indicator has languished at low levels this year, and with unemployment on the rise, consumption spending is likely to suffer," the UBS said.
The euro recovered Tuesday's Asian session losses against its Japanese counterpart. The euro strengthened to 132.72 by 5:45 am ET, from 132.03 with 134.4 seen as the next upside target level. The euro-yen pair closed yesterday's New York session at 133.12.
The latest Monthly Report of Recent Economic and Financial Developments revealed that the Bank of Japan raised its economic assessment for the third straight month.
The BoJ said Japan's economy is picking up mainly due to various policy measures taken at home and abroad, although the momentum of self-sustaining recovery in domestic private demand remains weak. Last month, the central bank said Japan's economy has started to pick up.
By about 5:20 am ET Tuesday, the euro-pound pair hit a new multi-day high of 0.9059, compared to yesterday's closing value of 0.9012. If the pair moves up further, 0.913 is seen as the next upside target level.
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