EURO HIT BY WEAK EUROZONE MANUFACTURING DATA
DATE: 03/05/2012
The euro fell against the dollar for a third consecutive day in Asian trade on Thursday as lacklustre manufacturing data fuelled mounting concerns over the eurozone, analysts said.
The euro was at $1.3146 in afternoon trade, down from $1.3158 late Wednesday in New York. The single currency also lost ground against the Japanese yen, falling to 105.40 yen from 105.56 yen.
The dollar edged up to 80.18 yen from 80.14 yen. Trading was subdued with Japanese financial markets closed for a public holiday.
"The euro dropped for a third straight day versus the US dollar after sluggish European manufacturing data added to fears about a broadening slowdown in the region," Phillip Futures said in a report.
A key index of eurozone manufacturing activity released late on Wednesday plummeted to the lowest level in almost three years, sending investor confidence in the single currency in the same direction.
Rises in seasonally adjusted unemployment in eurozone economic lynchpin Germany as well as debt-mired Italy exacerbated the outflow of investors from the euro into the safe-haven greenback, analysts said.
Italy in particular was a cause for worry, with the country's unemployment rate hitting a multi-year high of 9.8 per cent in March from 9.6 per cent in February, official data showed.
The greenback made gains against Asian currencies, trading at 1,129.47 South Korean won from 1,126.20 won on Wednesday, at 42.23 Philippine pesos from 42.13, and Sg$1.2411 from Sg$1.2368.
It was also at 30.91 Thai baht from 30.77 baht, 9,197.00 Indonesian rupiah from 9,193.00 rupiah and Tw$29.21 from Tw$29.14.
The euro was at $1.3146 in afternoon trade, down from $1.3158 late Wednesday in New York. The single currency also lost ground against the Japanese yen, falling to 105.40 yen from 105.56 yen.
The dollar edged up to 80.18 yen from 80.14 yen. Trading was subdued with Japanese financial markets closed for a public holiday.
"The euro dropped for a third straight day versus the US dollar after sluggish European manufacturing data added to fears about a broadening slowdown in the region," Phillip Futures said in a report.
A key index of eurozone manufacturing activity released late on Wednesday plummeted to the lowest level in almost three years, sending investor confidence in the single currency in the same direction.
Rises in seasonally adjusted unemployment in eurozone economic lynchpin Germany as well as debt-mired Italy exacerbated the outflow of investors from the euro into the safe-haven greenback, analysts said.
Italy in particular was a cause for worry, with the country's unemployment rate hitting a multi-year high of 9.8 per cent in March from 9.6 per cent in February, official data showed.
The greenback made gains against Asian currencies, trading at 1,129.47 South Korean won from 1,126.20 won on Wednesday, at 42.23 Philippine pesos from 42.13, and Sg$1.2411 from Sg$1.2368.
It was also at 30.91 Thai baht from 30.77 baht, 9,197.00 Indonesian rupiah from 9,193.00 rupiah and Tw$29.21 from Tw$29.14.
POWERED BY: THE ECONMIC NEWS
No comments:
Post a Comment