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Euro Mixed Against Other Major Currencies

Euro Mixed Against Other Major Currencies

The euro saw mixed results against other major currencies on Thursday in New York. The single currency continued to rise versus the struggling yen, but backed off a near-term high against the pound.

The euro remained in a range with the U.S. dollar on Thursday, moving near 1.2760 in the late morning. The currencies have been in a range since the euro rose off of a 2 1/2 month low of 1.2512 late last week.

In the U.S., a government report showed that new home sales fell 10.2 percent to an annual rate of 309,000 in January from the revised December rate of 344,000. Economists had expected new home sales to edge down to 324,000 from the 331,000 originally reported for the previous month.

The European currency inched lower against the sterling and moved off of a nine-day high of 0.8980 from yesterday. The pair moved near 0.8900 in the late morning.

The European currency extended a 7 1/2-week against the yen to 126.04 on Thursday. The euro has been trending higher for about 10 days.

Strengthening possibilities for the European Central Bank to resume rate cut in March, a monthly survey from the European Commission showed that Eurozone's economic sentiment fell to the lowest level since the series was launched in January 1985.

The economic sentiment index dropped 1.8 points to 65.4 in February from 67.2 in the prior month.

German consumer sentiment is set to improve in March as stable prices and the bonus for scrapping old cars triggered a slight improvement in the consumer climate, the latest survey from the GfK market research group revealed Thursday.

The consumer climate indicator for March, which is the forward-looking measure of consumer confidence, rose to 2.6 from February's revised reading of 2.3, defying economists' expectation of 2.

The number of unemployed in Germany increased 40,000 in February taking the jobless rate to 7.9%, the Federal Labor Agency said Thursday.

by RTT Staff Writer

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