yen

The UK pound slid to a 4-day low against the euro on Monday after a report showed U.K.'s manufacturing sector declined for the first time in two years in July. The sterling also depreciated against other majors.

The pound slipped to a 4-day low of 0.8788 per euro and the next downside target level for the UK currency is seen at 0.880.

On Friday the Swiss franc surged against majors as traders sought for safe haven currencies after the weaker than expected US economic growth report.

According to the data by the US Commerce Department the US economy grew at a slower pace than expected in the second quarter of 2011. U.S. gross domestic product grew at a 1.3 percent annual rate for the second quarter of 2011. Most economists had predicted a somewhat more robust, 1.9 percent growth in GDP.

The euro lost its gains against the dollar and the yen as traders sold the single currency after Standard & Poor's warned that Greece's debt rollover plan could shift the ratings into selective default.

Meanwhile, the euro fell to a 4-day low against the pound.

The euro declined to a 4-day low of 0.9007 against the pound, compared to last week's close of 0.9043. If the euro slides further, it will fall below 0.90 and target the 0.898 level.

UK pound appreciated further against the Japanese yen and the US dollar on Tuesday morning in New York trades.

The pound advanced to a 6-day high of 129.66 against the yen around 10:30 am ET, exactly at the point of a 20-day simple moving average. The pound-yen pair is presently worth 129.52 with 130.60 seen as the next likely resistance level, ie, the 50-day SMA.

The European single currency declined against US dollar, Swiss franc and Japanese yen after the releases of German final CPI figures and wholesale price index for May.

The euro declined to a 2-day low of 1.2188 against the franc, compared to yesterday's close of 1.2212. Presently, the euro is trading at 1.2194 against the franc with 1.21 seen as the next downside target level.

The Japanese yen further slipped during the European trades on Tuesday against major currencies.

The yen plunged today as Moody's Investors Service placed the Japanese government's Aa2 local and foreign currency bond ratings on review for possible downgrade.

The rating agency said that the review was prompted by concern that faltering economic prospects and a weak policy response would make the government's ability to achieve a credible deficit reduction target more challenging.

Tuesday in early European trading the UK sterling declined from its previous session's highs against the currencies of US, Japan and Switzerland.

The pound is now trading at a 1-week low of 0.8735 against the euro with 0.875 seen as the next downside target level. At yesterday's close, the euro-pound pair was quoted at 0.8671.

During the Asian the euro went up against the US dollar and the Swiss franc and was traded at $1.4066 and 1.2452 francs respectively from yesterday’s $1.3969 and 1.2452 francs.  

During early European trading the dollar sharply went up against the common currency and was traded at 1.4007.  The greenback rallied also against the pound and the Swiss franc and was traded at 1.6161 and 0.8825 respectively. 

The US dollar increased during Asian deals against most majors as weak Asian stocks and a pullback in commodity prices prompted traders to bet on the safe-haven greenback.

The dollar rose to 1.4777 against the euro in Asian deals. The next upside target level for the U.S. currency is seen at 1.465. At Tuesday's close, the euro-dollar pair was quoted at 1.4828.

During Thursday Asian trading session the euro lowered against the dollar and yen and was traded at $1.4303, from $1.4331 late Tuesday in New York and Y121.92 from Y122.48. 

The European common currency regained its losses from a 6-day low against the dollar and the yen and it rose to multi-day highs against the franc and the pound despite worries over a political crisis in Portugal and mixed PMI data.

In its early European session the UK pound depreciated against most majors. The pound reached 1.6028 against the US dollar around 3:00 am ET and this set its lowest level since February 16. The cable is currently worth 1.6037 with 1.60 seen as the next likely support level.

Against the euro, the pound fell to a 3-day low of 0.8624 at the same time and this may be compared to yesterday's close of 0.8593. The pound is presently worth 0.8625 against the euro and a move below the 0.8640 support could set its weakest level in six weeks.

The UK pound lost some of its early European gains versus major counterparts as the Bank of England decided to leave its key interest rate unchanged at a record low again as expected and maintained the size of the quantitative easing.

The pound that rose to a 6-day high of 134.38 against the Japanese yen just before the rate decision pared almost 50 pips shortly after the announcement. The pound-yen pair is presently trading around the 134.0 area. The next downside target for the pair is likely to be seen around the 133.50 level in near-term.

The euro declined against major currencies before the European session on Thursday on Moody’s downgrade for Spain. Besides, a weaker-than-expected German trade data also impacted the euro.

The euro fell to an 8-day low of 1.3806 against the US dollar around 2:15 am ET. The euro-buck pair is presently worth 1.3820, down from 1.3910 hit late New York Wednesday. The next downside target for the pair is seen around the 1.3740 level.