European currency

The European single currency recovered from its Asian trade’s losses against major currencies supported by a rebound in regional stocks.

The euro is now worth 0.8780 against the pound, up from a 12-day low of 0.8744 hit in early Asian deals. If the euro gains further, it may likely target the 0.881 level. The euro-pound pair closed yesterday's trading at 0.8750.

Gold firmed in Wednesday session supported by strong physical demand in Asia and appreciation of the European currency.

Spot gold rose by 0.4 percent to $1,372.6 an ounce by 0056 GMT.

U.S. gold futures gained 0.3 percent to $1,372.

Spot platinum rose to $1,832 an ounce, its highest since July 2008, before easing to $1,830.74.

Strong data from Germany sent the euro to a one-month high on Tuesday, and the single currency stood on a firm footing. The dollar index edged lower.

In early trades in Asia the euro moved down against major currencies. The European single currency dropped to an 18-day low of 1.3127 against the US dollar and a 13-day low of 110.35 against the yen around 8:10 pm ET and this may be compared to last week's closing values of 1.3188 and 110.68, respectively. The common currency's next downside target levels are seen at 1.3050 against the greenback and 109.50 versus the yen.

The European common currency appreciated against majors in early European deals on Wednesday as the reports showed that Germany's retail sales rose sharply in October and Eurozone's manufacturing PMI jumped to a 4-month high in November.

The euro, which closed yesterday's trading at 1.3033 against the Swiss franc, rose to a 2-day high of 1.3160 in early European deals on Wednesday. The next upside target level for the euro is seen at 1.330.

Ahead of the European session on Friday the European common currency strengthened versus majors after an official data showed that Germany's producer price inflation accelerated in October from the previous year.

The euro extended gains against the US dollar after the data and pushed to a 4-day high of 1.3692 around 2:25 am ET, improving from Tuesday's 7-week low. The next upside target for the euro-buck pair is likely to be seen around the 1.3750 level.

The euro showed mixed trading during early European deals. The single European currency climbed to a new 8-month high against the dollar and a 2-day high against the pound, it eased from a 2-day high against the franc. Meantime, it was trading weak against the yen.

The 16 nations’ currency increased to an 8-month high of 1.3874 against the dollar at 3:35 am ET Wednesday. After, the euro-dollar pair has been moving sideways and is currently worth 1.3865, compared to yesterday's close of 1.3839. If the euro gains further, it may likely target the 1.400 level.

On Tuesday as concerns over euro-zone debt are impacting the euro gold further continued weakening.

A slight decline in ETF holdings also weighed on gold, which jumped to a lifetime high last week.

Spot gold XAU= fell 65 cents to $1,314.55 an ounce by 0332 GMT, down from a lifetime high around $1,320 hit last Friday. Gold has gained as much as 20 percent this year, partly driven by expectations the Federal Reserve would take fresh steps to aid the economy.

During early New York deals on Friday the Japanese currency traded higher against major European currencies.

At 6:25 am ET, the yen climbed to new multi-week highs of 132.10 against the British pound and 108.33 versus the euro, compared to yesterday's closing values of 133.25 and 109.51, respectively.

Against its Swiss counterpart, the yen also edged up and hit a high of 82.42 as of 6:25 am ET from early low of 83.04.
 

 During Monday deals the European single currency lost its gains against the dollar and the pound as a monthly survey conducted by the GfK Group showed that consumer confidence in Germany unexpectedly fell in November. Meantime, the euro strengthened against the yen and showed unstable trend versus the Swiss franc.

 During early deals on Thursday the single European currency jumped to a 2-day high against the Swiss franc and recovered its Asian session losses against the pound. On the other hand the euro dropped against the US dollar and hovered near a fresh 2-month high against the yen.

The euro-franc pair climbed to a 2-day high of 1.5143 by about 4:30 am ET Thursday, compared to yesterday's closing value of 1.5094. On the upside, the immediate likely support for the European currency is seen around the 1.518 level.