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Euro Declines against Dollar, Yen and Sterling. European stocks fall.

Posted by Chris Advincula on Jun 5, 2013 7:32:00 AM

June 5 Wednesday 11:55 GMT

The euro weakened against the major currencies in Europe. The single currency’s decline was most visible against the Japanese Yen where the rate fell 120 points to 130.00 from 131.20.

The euro rate fell  53 points to 1.3053 from 1.3106 against the modest advances of the dollar, while the pound is higher against the euro and pushed the Euro-sterling rate lower by 49 points to 0.8496 from 0.8545. European stocks fell following a decline in the U.S. equities yesterday, adding weight to the euro’s decline. The German Dax fell 1.28% to 8,190 and Euro Stoxx fell 1.35% to 2,718 as of 11:00 GMT. 

The Eurozone PMI data gave the euro a small upward nudge to the session high of 1.3106 from 1.3095.

Spain’s Services PMI rose to 47.3 in May, better than the median forecast of 45.0. The previous month was 44.4 in April. Euro rebounded from 1.3070 to 1.3085. Italy’s Services PMI  was slightly weaker than expected at 46.5 in May versus the forecast of 47.0. France final revision of Services PMI was unchanged at 44.3 in May. Germany’s final revision of Services PMI was 49.7 from the initial estimate of 49.8. It was 49.6 in April. 

The 21-day moving average eased down from 1.3090 to 1.3065. The 60-day moving average fell from 1.3085 to 1.3070. Trading was somewhat rangebound between 1.3105 and well supported at 1.3045.


Chris Advincula



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