RTTN: Euro Plunges To Multi-month Lows Against Franc And Dollar
(RTTNews) - In early European session on Thursday, the euro declined to new multi-month lows versus the franc and the dollar as investors continued to dump the single European currency due to ongoing concerns about Greece's ballooning debts. On the other hand, the euro climbed against the pound, but pared its recent gains versus the yen.
Adding to euro's slide, Markit Economics announced today that the Flash Eurozone Composite Output Index, which is a weighted average of the manufacturing and services PMIs, eased to 53.6 in January from 54.2 in December.
The manufacturing purchasing managers' index (PMI) climbed to 52.0 from 51.6. Economists were looking for a reading of 51.9. The services PMI, on the other hand, dropped to 52.3 from 53.6, confounding expectations for a score of 53.8.
The euro declined to new multi-month lows of 1.4715 and 1.4044 against the franc and the U.S. dollar, respectively. As of now, the euro is worth 1.4054 against the U.S. dollar and 1.4721 versus the franc.
The euro-dollar and the euro-franc pairs were worth 1.4107 and 1.4727, respectively on Wednesday's New York session close.
Against the pound, the euro rose to 0.87 at 4:45 am ET. Presently, the euro-pound pair is trading at 0.8698, compared to previous day's New York session close of 0.8658.
The euro pared its recent gains versus the yen. Moving down from a high of 129.30 hit at 3:45 am ET, the euro fell to 128.71 at 4:45 am ET. The present quote for the euro-yen pair is 128.82. The pair closed Wednesday's New York session at 128.70.
In the upcoming North American session, the U.S. jobless claims data for the week ended January 16, leading index for December and the results of the Philadelphia Federal Reserve's manufacturing survey for January are expected to influence trading.
