EURO SLIPS ON DOLLAR AHEAD OF GERMAN IFO DATA
Date : 26.03.2012
The dollar was higher against the euro and the Japanese yen on Monday, supported by a rise in U.S. bond yields, with any further signs of weaker euro zone economic activity likely to help it sustain gains against the common currency. www.goldennifty.com
A key German business survey is due for release at 0800 GMT and while analysts forecast the Ifo think tank's business climate index will stay steady, many traders are bracing for a soft number after last week's weak reading of flash purchasing managers' indices (PMIs) across the euro zone. www.goldennifty.com
That could stoke concerns about a recession and may trigger a sell-off in the euro.
The euro was down 0.2 percent at $1.3245, moving away from a three-week high of $1.3294. Traders said that with the euro failing to breach resistance at $1.3302 last week, a level representing a 61.8 percent retracement of its late February to mid-March fall, the bias was for losses. www.goldennifty.com
The euro was down 0.2 percent at $1.3245, moving away from a three-week high of $1.3294. Traders said that with the euro failing to breach resistance at $1.3302 last week, a level representing a 61.8 percent retracement of its late February to mid-March fall, the bias was for losses. www.goldennifty.com
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