Euro Mixed In Early European Deals On Monday, Monday, June 11, 2007 5:04:26 AM

The European currency slipped against the major counterparts during the early European deals on Monday. Earlier during the Asian deals, the euro had weakened against the yen and the dollar, but it moved directionless versus the sterling and the franc.

The euro continued lower in the overnight deals following the French industrial and manufacturing production data, released at 2:45 am ET. The manufacturing output fell 0.5% in April while analysts had been expecting a 0.3% rise. Output data from Italy is what the market now waiting for.

Of late, the common currency has rebounded against the yen and the franc, but it has been lower versus the sterling influenced by the British producer prices data for May. Against the buck, the single currency has been directionless, lately.

The euro traded lower against the dollar during late New York trading on Sunday giving back the gains it posted Friday afternoon. Falling from 1.337, the pair fetched as low as 1.334 before started a choppy trend in the late night deals. Of late, the pair has declined amid a weak French data and is now trading around 1.333. As of now, an immediate level of support is seen at 1.331 for the falling pair.

The European currency saw choppy trading versus the pound during the late night deals on Sunday in New York. The pair bounced between 0.6783 and 0.6793 in the session, but it has slipped in the overnight deals. The recent weakness in the pair was largely due to a weak French manufacturing output data, which was released at 2:45 am ET. The euro has been weakened against the pound lately amid the British data and is currently trading near 0.6777.

The euro moved in a loose range against the Swiss franc, bouncing largely between 1.6502 and 1.6522 during late New York trading on Sunday. However, overnight trading on Monday, the pair declined briefly, and it equaled as low as 1.6492 by about 2:30 am ET. Of late, the pair has rebounded and is now trading near 1.652.

The European currency weakened against the Japanese yen during the Asian deals on Monday. The euro thus gave back its gains posted during the afternoon deals on Friday and it has lately added to its losses. Falling from 162.9, the pair fetched as low as 162.3 before it started a slightly upward trend at about 10:00 pm ET. However, the fall in the overnight deals made the pair hit 162.13 but it has rebounded to 162.6 lately.

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