Euro Gains Slightly On Other Majors, Tuesday, June 05, 2007 11:50:39 AM

The euro was up slightly on its major counterparts on Tuesday in New York. Traders considered data released Tuesday showing that Euro zone retail sales grew at a weaker-than-expected rate in April. The day`s action takes place ahead of a rate announcement by the ECB on Wednesday, when it is expected to lift rates to 4% from 3.75%.

The euro gave back most of its early gains against the dollar on Tuesday morning in New York and was close to its overnight levels. The euro began to rise in the early morning and hit 1.3554 shortly after 8 am Eastern Time, its lowest level since mid-May. The euro fell back later, starting at around 8:30 a.m. and slipped to 1.3510 by 10:30 a.m. ET, a little above its overnight levels. The move took place amid optimistic comments from U.S. Federal Reserve chief Ben Bernanke.

The euro climbed slightly against the British pound on Tuesday morning in New York. The European currency trended up from about 4 a.m. until about 8 a.m. ET. Trading was flat from there. The pair traded at 0.6784 at 11:30 a.m. ET. Trading took place following the overnight release of services PMI data from the UK.

The euro bounced back against the yen on Tuesday morning after a late morning drop. The currencies were flat until about 8:30 a.m. when the euro fell sharply. The trend didn`t last, however, as the euro began to surge back an hour later and reached its pre-drop levels by 11 a.m. The euro was at 164.47 versus the yen at 11:45 a.m., slightly ahead of its overnight levels.

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