The European currency was strong against its American counterpart in trading on Wednesday. The currency advanced sharply in the morning, rising to a mark of 1.3800. As action moved into the afternoon, the euro cooled off slightly and held near its initial rise. Traders of the pair considered data from the U.S. that showed a 0.5% rise in wholesale manufacturing orders, as well as a downwardly revised home sales estimate. The National Association of Realtors expect existing home sales in the US to total 6.04 million in 2007, compared to the previous estimate of 6.38 million.
Similarly, the European currency rose steadily against its Japanese counterpart in action on Wednesday. By the mid morning, the euro had reached a mark of 165.20 against the yen. The currency held near that mark into the mid-afternoon action. The currencies moved as traders considered data coming from Japan that showed core machinery orders slumped for the second quarter in a row. The orders were down 2.4% for the second quarter.
Meanwhile, in trading against its British counterpart on Wednesday, the euro saw weakness as the day progressed. The European currency declined steadily through the day to a mark of 0.6774 by the mid afternoon. The currencies moved as the Bank of England released its Inflation Report, hinting at the possibility of a rate hike.
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