Wednesday, during the European trading the single currency revealed mixed trading against its major counterparts despite an encouraging economic report from Germany, that showed that the trade surplus increased more than expected in October. euro, thus, recovered from early Asian session's new multi-week low against the US dollar and a 2-day low against the Swiss franc. At the same time, on the other hand, the euro declined to a 12-day low against yen and pared its Asian gains against pound.
The German trade surplus increased to €13.6 billion in October, as the Federal Statistical Office reported today. Upon calendar and seasonal adjustment, the foreign trade balance recorded a surplus of €12.9 billion in October 2009. Additionally, German CPI increased by 0.4% year-on-year in November, faster than the flat reading in the previous month. The consumer price inflation in November was revised from 0.3% estimated initially. The CPI increased for the first time since June 2009.
Wednesday. At 4:35 am ET, EUR/USD pair reached a high of 1.4768, moving from an early Asian session's new multi-week low of 1.4670. The next upside target level for the pair is seen around 1.492. The pair closed Tuesday's North American session at 1.4704.
The 16-nation currency that slipped to a 2-day low of 1.5097 against the Swiss franc during today's early Asian deals strengthened thereafter. Currently, EUR/CHF pair is trading at 1.5109, compared to 1.5102 hit late New York Tuesday. If the pair gains further, 1.514 is seen as the next target level.
The single currency lost ground after hitting a high of 0.9094 against the British pound at 2:35 am ET Wednesday. The euro-pound pair is currently trading at 0.9067 with 0.898 seen as the next target level. The pair closed Tuesday's New York deals at 0.9029.
Against the Japanese yen, the euro traded down during early trading on Wednesday. At 3:55 am ET, EUR/JPY pair declined to a 12-day low of 128.80, compared to Tuesday's closing value of 129.97. On the downside, 128.0 is seen as the next target level for the pair.