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Euro Trades Quietly Ahead Of London Session

The euro traded quietly against most major currencies ahead of the London session on Monday as investors stayed on the sidelines after a meeting of G20 nations told Europe to strengthen the size of its financial firewall.

The G-20 summit held in Mexico City decided to defer key decisions on international aid for Europe as they want more euro-zone action to fight the region's debt crisis. Meanwhile, Germany has conveyed its readiness to discuss higher firepower for the Eurozone bailout fund.

The progress on talks regarding boosting IMF's resources will be reviewed in April when the leaders come together for their next meeting in Washington.

The euro that firmed up to a new 2-1/2-month high against the greenback in late New York deals on Friday was quiet in Asia on Monday. The euro-greenback pair is now trading at 1.3446, compared to Friday's European session's close of 1.3462.

Against the yen, the euro reached a new 4-month high of 109.97 in early Asian deals. Shortly, the euro retreated against the yen and the pair is presently quoted at 109.14, compared to Friday's European session close of 108.72.

The single currency is unchanged from Friday's European session closing value of 1.2054 against the franc. Against the pound, the euro that closed Friday's European session at 0.8489 is now trading at 0.8478.

In the upcoming European session, French PPI and the Eurozone M3 money supply data - both for January are slated for release.

The U.S. pending home sales for January is expected in the New York morning session.

by RTT Staff Writer

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