News Column

Euro Mixed After Eurozone Employment And Trade Reports

June 13, 2014

BRUSSELS (Alliance News) - The euro traded mixed against its key counterparts in European deals on Friday, after the releases of Eurozone employment report for the first quarter and trade data for April.

Eurozone employment grew for the second straight quarter in the first three months of the year, figures from Eurostat showed today.

The number of employed rose 0.1% from the fourth quarter of 2013, when there was a similar gain.

Annually, the number of employed increased 0.2% in the first quarter, after a 0.4% slump in the previous three months.

The euro area trade surplus increased slightly in April as the decline in imports exceeded the fall in exports, data from Eurostat showed today.

The seasonally adjusted trade surplus rose to EUR 15.8 billion from EUR 15.4 billion in March.

European stocks fell as violence continued in Iraq after Iraqi Kurdish forces gained control of Kirkuk and Sunni militants moved towards Baghad. US president Barack Obama warned of possible military strikes in Iraq, to help the government in its fight against Islamist militants. The euro held steady against the yen with pair trading at 138.27, following a 2-day high of 138.54 hit at 2:10 am ET. The next possible upside target for the euro-yen pair lies around the 139.00 zone.

The euro pared gains from an early high of 1.2179 against the franc and slipped to a weekly low of 1.2165. On the downside, 1.21 is seen as next possible support level for the euro. At Thursday's close, the pair was worth 1.2172.

After declining to a 1-1/2-year low of 0.7984 against the Sterling at 3:50 am ET, the euro moved sideways in subsequent deals. The euro-pound pair was trading at 0.7995, near where it ended yesterday's deals.

The euro advanced to a 3-day high of 1.3578 against the US dollar during the session, compared to Thursday's closing value of 1.3550. If the euro continues gain, 1.365 is seen as its next possible upside target level.

Looking ahead, US PPI for May and Reuters/University of Michigan's preliminary consumer confidence index for June are set for release in the New York session.

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Source: Alliance News

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