Euro, pound strengthen on new reports

Euro, pound strengthen on new reports

Story link: Euro, pound strengthen on new reports

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The euro strengthened Tuesday after a new ZEW survey showed that German investor confidence returned to positive territory in April, coming in at 13, up from minus 3.5 in March.

The pound was also up after positive reports on sales and revenues from the UK retail sector as food retailer Tesco (LSE: TSCO) said that sales in stores open for a year or more are up 3.4 percent since the end of February and luxury clothing retailer Burberry (LSE: BRBY) said that its revenues were up more than had been expected.

Meanwhile, the yen weakened in anticipation of a report due tomorrow which could show that Japan ran a trade deficit of ¥27 billion ($275 million) in March, while the Canadian dollar declined after the Bank of Canada cut interest rates there to 0.25 percent and said that the Canadian economy will contract by 3 percent this year.

At just past 11 a.m. in New York, the yen traded at ¥127.3345 to the euro, at ¥143.9248 to the pound and at ¥98.315 to the US dollar.

The pound was at 88.47p to the euro at the same time, while it took $1.4639 to buy a pound and $1.2952 to buy a euro.

The Canadian dollar traded at C$1.243 to the greenback in late morning trade in New York.