Euro Higher Across The Board, Friday, June 29, 2007 5:30:42 AM

The Euro held steady with the sterling but moved up against the rest of majors during the Asian deals on Friday. However, toward the end of the Tokyo session, the common currency gave back its gains against the Swiss franc.

Of late, the European currency has risen against all its major counterparts keeping it higher against them from the previous day`s New York session closes. The recent deals took place amid a few economic releases from the euro-zone economy.

The euro-zone inflation stood at 1.9% in June according the preliminary release came out Friday at 5:00 am ET. Another release showed that the economic and business sentiment for the euro-zone hit higher-than-expected numbers in the month of June.

Against the dollar, the euro weakened slightly in the early Asian deals but the trend was reversed at about 10:50 pm ET. Compared to Thursday` New York session close of 1.3435, the pair has lately fetched 1.345. Investors are now looking forward to the personal consumption data for May and Chicago purchasing manager`s index for June from the U.S. As of now, immediate resistance and support levels are seen around 1.347 and 1.337 respectively.

The euro largely moved sideways against the sterling in the early Asian deals on Friday but the pair has picked up a few pips lately. Compared to its previous day`s New York session close of 0.6710, the pair is now trading at 0.6720. Investors are now looking forward to GfK`s consumer confidence report for the U.K. As of now, immediate targets are seen around 0.674 and 0.669, upside and downside, respectively.

The European currency moved sideways against the yen through late New York trading on Thursday but the pair rallied in the Asian deals on Friday. Of late, euro`s gains against the Japanese currency were extended, and the pair is now trading at 166.2 compared to the previous day`s close of 165.54. There were several economic reports from the Japanese economy today and are likely to have influenced the recent deals. As of now, an immediate level of resistance is seen around 166.5 in the near term.

The euro strengthened against the Swiss franc in late New York trading on Thursday but the gains were given back in early Asian session on Friday. Moving from Thursday`s New York session close of 1.6552, the euro bought 1.6572 francs at about 12:55 am ET Friday but the pair slipped to 1.6549 shortly. Of late, the pair has bounced back and is now trading near 1.6569, with likely upside and downside targets seen around 1.6573 and 1.6543 respectively.

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