Single Currency Slips On German Data

September 25th, 2013 by James

On Tuesday, the euro slipped against the United States dollar and Japanese Yen after being undermined by weaker-than-expected German sentiment data. The single currency was also hurt by comments from officials of the European Central Bank that they were ready to do more for supporting the fragile recovery of the region.

Single Currency Slips On German Data

The data on Germany came a day after ECB President Mario Draghi remarked the central bank was all set for offering more long-term loans to keep money market rates from rising.

“The remarks from Mario Draghi were seemingly designed to push back against recent rises in area borrowing rates and the lift the euro received after the Federal Reserve last week stayed the course with monetary policy,” said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.

New York Fed President William Dudley defended the shock decision of the central bank to keep its stimulus in place and remarked the economy was weaker than the Fed thought in June, but he “wouldn’t rule out” a cut in the stimulus of the central bank this year.

The euro slipped 0.2 percent against the yen at 133.07 yen in late New York trading and was also down 0.2 percent versus the dollar at $1.3471. It was estimated by BNP Paribas that the short-term fair value of the euro is at $1.3355. The USD edged up 0.2 percent against a basket of six currencies at 80.576.

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