The euro experienced some strength against the lower-yielding dollar and yen on Thursday in New York amid increased risk appetite. The single currency gave back some of yesterday's gains versus the pound.
The euro was higher amid choppy trading against the dollar and touched a weekly high of 1.3086 earlier in the morning. The advance took the single currency further away from the recently-visited monthly low of 1.2885.
In the U.S., an industry report showed that existing home sales fell 3.0 percent to an annual rate of 4.57 million units in March from a downwardly revised level of 4.71 million in February. With the monthly decrease, existing home sales were down 7.1 percent compared to the same month a year ago.
The euro remained slightly higher but backed off its highs of the day versus the yen. The European currency rallied as high as 128.73 but later slipped as low as 127.56.
The single currency slipped against the sterling, giving back some of its gains from yesterday when it approached 0.9000. The European currency touched as low as 0.8916 in the late morning on Thursday.
Demand for the British manufactured goods fell at its fastest rate in thirty years in the first quarter, but firms are confident that the pace of decline will slow slightly in the next three months, the latest quarterly Industrial Trends survey by the Confederation of British Industry revealed. For the first time, in seven quarters, business sentiment fell at a slower rate.
On the economic front in the Eurozone, data released by the Eurostat showed that new orders dropped 34.5% year-on-year in February after falling a revised 34.3% in January. Economists had expected a decline of 34.8% for February. New orders fell for the seventh straight month and the February decline was the largest since the data series began in 1996.
Indicating that the pace of slowdown is easing in Eurozone, the composite, manufacturing and services purchasing managers' indexes, or PMIs rose to six-month highs in April, reports showed citing data from the Markit Economics.
Euro area's working day and seasonally adjusted current account deficit contracted to EUR 8.1 billion in February from a revised EUR 12.3 billion deficit in January, the European Central Bank said. Economists had expected the deficit to narrow to EUR 10.7 billion.
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