Euro stronger, USD weaker on data

Euro stronger, USD weaker on data

Story link: Euro stronger, USD weaker on data

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The euro strengthened Thursday after a survey put the Markit index of Eurozone manufacturers and services at 40.5 in April, up from 38.3 in March.

While any reading below 50 means a contraction, the new data shows that contraction among the manufacturers and services in the region has slowed down from earlier surveys.

The yen was hurt by the news that Swiss Bank Credit Suisse (SWX: CSGN; NYSE: CS) made a net profit of SFr 2 billion in the first quarter, twice as much as analysts had anticipated, triggering more interest in risky currency trades financed by the lower-yielding yen.

The US dollar, meanwhile, was damaged by new data from the National Association of Realtors, which showed that existing home sales in the US fell by 3 percent in March.

In late morning trade in New York, the yen traded at ¥127.5316 to the euro and at ¥97.855 to the greenback, while it took $1.3033 to buy a euro.

The Swiss franc gained on the euro after comments from a Swiss National Bank official which implied that the central bank is willing to wait and see what effect its previous interventions in the currency will have on the Swiss economy before it intervenes again.

The Swiss currency traded at SFr 1.511 to the euro at just before 11:30 a.m. in New York while it was at SFr 1.1594 to the US dollar.