Monday, 23 Aug 2010

EUR Falls on Weak Euro-Zone Data

The EUR fell today on weak Euro-Zone data, trading near a five-week low against the USD after Euro-Zone economic data showed growth in the 16-nation region's services and manufacturing slowed in August. The JPY rose to a seven-week high against the EUR as signs the global economy is slowing boosted demand for the Japanese currency as a refuge. The Yen advanced against 15 of its 16 major counterparts ahead of reports due this week that are forecasted to show slowdowns in U.S. home sales and Japanese export growth.

The Yen climbed to 108.25 per from 108.83 on Friday, after reaching 108.16, the highest since July 1. It appreciated to 85.17 per USD from 85.62. The EUR traded at $1.2706 from $1.2712 on Aug. 20, when it reached $1.2664, the lowest since July 13.