RTTNews - The euro saw little change against the other majors on Tuesday in New York as U.S. stocks struggled to find direction, limiting the appeal of higher-yielding currencies. The European currency slipped against he dollar and sterling, but rose against the yen.
In July, the euro has weakened against the lower-yielding dollar and yen as global stocks have struggled, leading to risk aversion. The euro has seen strength against the sterling, recovering some losses from earlier in the year.
On Tuesday, investors considered an assortment of data around the globe. German consumer confidence and Eurozone industrial production data highlighted the calendar in the Eurozone.
The euro was slightly against the dollar, moving near 1.3950. The currencies have lingered near 1.4000 in recent days after rising off of a two-week low.
The report showed that retail sales rose 0.6 percent in June following an unrevised 0.5 percent increase in May. Excluding autos, retail sales actually fell 0.2 percent for the month. In a separate report, the U.S. Labor Department revealed that producer prices rose 1.8 percent in June.
The euro stabilized against the pound after trending down throughout the early-portion of the week. The pair moved near 0.8570 in the early afternoon. If the European currency falls below 0.8536 it will reach a 12-day low.
There are obvious uncertainties linked to the Bank of England's GBP 125 billion asset purchase scheme and it will take at least nine months for its effect to be fully felt, the central bank deputy governor Charles Bean said in an interview to Yorkshire Post, published Tuesday.
The European currency saw modest strength against the yen, rising as high as 130.74. If the euro gets above 130.87 it will reach a weekly high.
The German ZEW economic sentiment indicator fell to 39.5 points in July from 44.8 points in June, while economists expected the reading to rise to 47.8 points. However, the reading is above its historical average of 26.3 points.
Meanwhile, the Eurostat announced that the Eurozone industrial production recorded a monthly growth of 0.5% in May, reversing a revised 1.4% fall in April. However, the monthly growth rate stood below the expected increase of 1.5%.
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