Source: ForexYard
Despite the Euro making gains on April 27, the 17- nation currency reached its weakest level for almost 2 years against the British pound. The shared currency has weakened ahead of a media briefing by the Spanish government to discuss how the nation will tackle its deficit problem.
The Euro also remained lower versus the Japanese Yen following a two-day decline as the currency was trading at 106.39 yen at approximately 7:20 am Singapore time. The single currency dropped 0.6 percent against the Japanese yen during Friday’s trading. The euro also slid to its weakest level since June 2010, against the Sterling as it touched 81.34.
Elsewhere, the European currency also weakened against the U.S Dollar after dropping 0.1 percent to $1,3240.
There are a number of euro-related financial reports due for release on Monday week which could have an affect on the movements of the single currency. The reports include, Spanish GDP Report,German Retail Sales,Consumer Price Index(CPI) and Greek Retail Sales.
Investors will keep an eye on Wednesday’s economic calender as Germany,France will be releasing financial reports. The reports expected for Wednesday include, French Manufacturing PMI,German Manufacturing PMI,German Unemployment Rate,German Unemployment Change as well as Manufacturing PMI.
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.