Currency Alerts
11/17/2009 11:28 AM ET
(RTTNews) -
The European single currency plunged further against most major opponents during New York morning trading on Tuesday. The Eurostat reported traded balance data for the month of September in European session.
A report from the Eurostat showed today that Eurozone unadjusted trade surplus stood at EUR 3.7 billion in September, up from a deficit of EUR 2.3 billion in August, revised from EUR 4 billion deficit reported initially. A year ago, the trade deficit was EUR 6 billion.
Exports dropped 18% year-on-year to EUR 111.8 billion in September, while imports fell 24% to EUR 108.1 billion.
On a seasonally adjusted basis, the trade surplus stood at EUR 6.8 billion in September, up from EUR 2.2 billion surplus in August, revised from EUR 1 billion surplus estimated earlier. On a monthly basis, exports and imports rose by 5.5% and 1.1% respectively in September.
Extending previous session's downtrend, the euro declined further against its British counterpart during New York morning deals today. At present, the euro is trading near new multi-month low of 0.8837 versus the pound, compared to yesterday's close of 0.8904.
The euro ticked down further against the US dollar in today's morning session and touched a new multi-day low of 1.4827 at about 10:40 am ET. The euro-greenback pair closed yesterday's New York session at 1.4972.
In the US, the Labor Department said its producer price index rose 0.3 percent in October following an unrevised 0.6 percent decrease in September. Economists had been expecting prices to increase by a somewhat more significant 0.5 percent.
Meanwhile, a report released by the Federal Reserve showed that industrial production edged up by 0.1 percent in October following a revised 0.6 percent increase in September. Economists had expected production to increase by 0.4 percent compared to the 0.7 percent growth originally reported for the previous month.
Against the Japanese yen, the euro also traded lower in morning deals and dropped to a 2-week low of 132.49 by about 10:40 am ET, which may be compared to Monday's closing values of 133.34. The euro has been in a downward channel against the yen for the past 1 week.
At the same time, the European common currency edged up against the Swiss franc in today's New York deals. At 10:50 am ET, the euro climbed to a 1-week high of 1.5122 versus the franc from yesterday's New York session close of 1.5088.
by RTT Staff Writer
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