Euro Mixed Into Early Deals On Tuesday, Tuesday, May 08, 2007 4:00:58 AM

The euro saw mixed trading early Tuesday in New York. While the single currency held steady with the Swiss franc after midnight, it trended higher versus the rest of majors. After about 2:30 am ET, the European unit moved upwards against the Swiss currency, but it dropped off against the others.

German industrial production data for the month of March is expected at 6:00 am ET on Tuesday, which is the next fundamental expected from a major economy. The seasonally adjusted industrial output is not expected to grow from the previous month`s level. The output had risen 0.9% in February.

Later in the morning, the US wholesale sales data for March will be released, which is likely to gain attraction in the North American session of the day. The British nationwide house price data for April is slated for release at 7:01 pm ET.

The early morning advantages of the European currency strengthened it from 1.3612 to 1.3621 against the US dollar on Tuesday. From the high, the pair dropped off at 2:20 am ET. By about 3:55 am ET, the euro was worth 1.3603 dollars. The recent deals are confirming the upward journey started by the pair on Friday. It is likely for the pair to test a near-term resistance in level with its high on 27th April, provided the present trend is maintained.

Against the British pound, the euro trended higher early Tuesday in New York. The pair thus strengthened from 0.6824 to 0.6831 by about 2:30 am ET. After that, the common currency weakened against the sterling, and started seeing uncertainty. The pair was quoted at 0.6825 as of 3:55 am ET. Broadly speaking, the pair has been seeing uncertainty after the euro checked its upward trend remained between 18th and 27th April.

The European currency drifted higher versus the Japanese yen into the early hours on Tuesday in New York. After midnight, the pair strengthened from 163.07 to 163.35 by about 2:25 am ET. The euro moved downwards thereafter, and the pair was equal to 163.17 at 3:55 am ET. Largely speaking, the pair has been holding steady from 27th April.

Against the Swiss franc, the euro moved sideways into the early hours on Tuesday in New York. The pair, which moved between 1.6486 and 1.6496 moved out of the range at 2:25 am ET and fetched 1.6501 by about 3:55 am ET. Early Tuesday deals of the pair confirmed its change of direction took place on Monday. Reversing losses of last week is likely to make the pair test a near-term resistance level with its high of 1.6538 which was earlier hit on 27th April.

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