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Euro Mixed Ahead Of Eurozone Economic Sentiment Survey Results 74 days ago
(RTTNews) - The European currency showed mixed trading against other major currencies during Friday's early trading ahead of the release of the Eurozone economic sentiment survey results. While the euro advanced against the franc, it weakened against the dollar and the yen. Against the pound, the common currency, fell from a new multi-week high.
At 5:00 am ET, the European Commission is scheduled to issue its economic sentiment survey results for the Eurozone. The economic sentiment indicator is expected to rise to 88 in November from 86.2 in October. The consumer sentiment index is seen at minus 17, up from minus 18, while the business climate index is expected to improve to minus 1.65 from minus 1.78, and the industrial sentiment index from minus 21 to minus 19.
After a slight downtrend against the Swiss franc during Friday's early Asian trading, the euro gained ground. The euro is currently trading at 1.5100 against the Swiss currency, with 1.513 seen as the next upside target level. At yesterday's New York session close, the pair was quoted at 1.5063.
Switzerland's leading indicator is due from the KOF Economic Institute at 5:30 am ET. The leading index is forecast to rise to 1.78 in November from 1.45 in October.
The euro weakened in early dealing versus the dollar and fell to a 1-week low of 1.4830 by about 2:40 am ET. If the euro drops further, 1.480 is seen as the next likely target level. The euro-dollar pair closed Thursday's deals at 1.5021.
Against the yen, the euro fell to a new multi-month low of 126.92 during today's early Asian trading due to across the board rallying of the former. However the euro advanced slightly during the later part of the session but again slipped in early European trading. Currently the pair is quoted at 128.27, compared to 130.05 hit late Thursday in New York.
Japanese Finance Minister Hirohisa Fujii said the strength of the yen is harmful to the economy. Appreciation of yen against dollar threatens export earnings of Japan. "I am nervously watching the foreign exchange market carefully", he said. There is no doubt that the movement of yen is one-sided and government response is possible, said Fujii. Yesterday, the yen surged to a 14-year high against the dollar.
The Ministry of Internal Affairs & Communications reported that Japan's unemployment rate stood at a seasonally adjusted 5.1% in October, down from 5.3% in the previous month. Economists had expected the unemployment rate to rise to 5.4%. The unemployment rate stood at 3.8% a year ago.
The Ministry of Economy, Trade & Industry said that retail sales in Japan dropped 0.9% year-on-year to JPY 10.83 trillion in October, slower than the 1.3% decline in the preceding month. Economists had expected sales to drop 1.6%. This marks the fourteenth straight month in which retail sales have fallen on an annual basis.
Against the pound, the euro largely showed choppy trading during today's Asian trading. During early European deals, the euro-pound pair rose to a new multi-week high of 0.9137, but lost ground by 2:10 am ET. As of now, the pair is trading at 0.9090, compared to yesterday's closing value of 0.9087.
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