Greenback Generally Weak During Thursday`s European Session, Thursday, May 03, 2007 6:01:30 AM

The US currency showed weakness early Thursday in New York. This came amid economic releases like Swiss inflation, British PMI and Euro-zone PPI.

In April, the Swiss consumer price inflation gained 1.1% month-over-month and it rose 0.5% annually, according to the official data came out at 1:45 am ET. Both the figures stood higher than analysts` expectations.

U.K Purchasing Mangers` Index for service industry dropped to 57.2 in April from 57.6 in March. This is the lowest reading since last September.

Euro-zone March producer prices grew 2.7% on year when the analyst estimation stood at 2.8%. On the year, PPI inflation rose 0.3% on month, matching the consensus. The data was released at 5:00 am ET.

Preliminary details of the US non-farm productivity and unit labor costs for the first quarter and the ISM non-manufacturing data for the month of April are expected to drive the deals in the North American session of Thursday.

The dollar moved up from its midnight close of 1.3600 against the euro and fetched its session`s high at 1.3592 by about 1:50 am ET. The pair bounced back shortly, and it traded at 1.3624 by 2:35 am before changing direction. Within about an hour, the pair started moving sideways and as of 5:55 am ET, the pair was worth 1.3610.

The US dollar moved sideways against the pound into the early deals on Thursday in New York. The pair but dipped briefly at 1:40 am ET and fetched its session`s low at 1.9892 before bouncing back sharply. The upward trend held afterwards by the pair lifted it to 1.9927 by about 5:55 am ET.

The US dollar saw choppy trading versus the Japanese yen during the late trading on Wednesday in New York. The pair bounced around between 120.14 and 120.27 in the session. The pair continued this wide band into the early hours on Thursday, but it staged a fall to hit as low as 120.03 by about 2:25 am ET. The pair bounced back shortly, and started moving sideways again. Of late, the pair is limiting between 120.08 and 120.22.

The greenback moved sideways against the Swiss franc into the early deals on Thursday in New York. Amid the Swiss inflation data released at 1:45 am ET, the pair staged a sharp fall. The fall made the pair hit as low as 1.2093 at 2:35 am against its midnight close of 1.2139. The buck regained a few pips shortly but moved in a loose range into the mid-morning. As of 5:55 am ET, the pair equaled 1.2107.

Copyright © 2007 RTTNews.com. All Rights Reserved.