Euro Moves Little Against Pound & Yen, Reaches New Highs Versus Dollar, Tuesday, July 24, 2007 1:57:43 PM

While the euro rose to a new high against the dollar in trading on Tuesday in New York, the currency moved little overall against the majors. The euro moves as new industrial orders and account deficit data was released for the area.

In trading against the dollar on Tuesday, the euro hit a fresh all time high against the buck in the morning when it hit 1.3844. However, the European currency was unable to hold onto its high and slipped back down to 1.3818 by the mid afternoon. Generally, the euro remains near record highs against the American currency.

The European currency moved little against its British counterpart in action on Tuesday. By the mid afternoon, the euro had held between a high of 0.6710 and a low of 0.6690. On the whole, the European mark is at its lowest point against the cable since February.

Versus the yen, the euro saw little movement through trading on Tuesday. As action moved into the mid afternoon, the European currency moved in a range between a high of 167.27 and a low of 166.40. Overall, the euro is at a three week low against its Japanese counterpart.

New industrial orders in the euro area grew 1.7% on a monthly basis in May. The growth in May reverses a slide of 0.6% in new industrial orders in April, revised up from a drop of 0.4% estimated initially. Economists were looking for an increase of 1.2%. In addition, the Euro zone`s current account deficit widened to a working day and seasonally adjusted 8.6 billion euros in May. This compares with the deficit of 1.6 billion euros in the last month, revised up from a deficit of 4 billion euros initially estimated.

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