Euro Slips On Weak European Stocks

The euro drifted lower against other major currencies during Friday's early European deals as the regional stocks declined. The euro fell to a 1-week low against the franc and a 4-day low against the yen.

European stocks fell,taking cues from overseas markets and mounting concern about the health of the U.S. economy ahead of second quarter GDP data set for release later in the global trading day and a key July jobs report due next week.

Around 4:00 am ET, U.K's benchmark FTSE 100 index was down 11.87 points or 0.22%, France's CAC 40 index fell 15.36 points or 0.4% and Germany's DAX slipped 10.56 points or 0.2%.

In economic news, Germany's wholesale turnover continued to increase in the second quarter from the previous year.

The wholesale turnover in real terms increased 7.1% year-on-year in the second quarter, faster than a 4.3% growth in the previous quarter, a report by the Federal Statistical Office showed on Friday. Nominally, wholesale sales climbed 12.2%, following a 6.6% growth in the first quarter.

The euro slipped against the yen in early European deals on Friday. The euro is now trading at a 4-day low of 112.44 against the yen, compared to yesterday's closing quote of 113.52. On the downside, 110.70 is seen as the next downside target level.

During early European deals on Friday, the euro lost ground against the dollar. As of now, the euro-dollar pair is worth 1.3030, down from a high of 1.3094 hit at 2:50 am ET. If the euro weakens further, it may likely target the 1.298 level. At yesterday's close, the pair was quoted at 1.3080.

The euro-franc pair fell to a 1-week low of 1.3516 at 4:05 am ET, a depreciation of 0.69% from yesterday's closing quote of 1.3617. As of now, the pair is worth 1.3535. On the downside, 1.334 is seen as the next target level for the euro.

Against the British pound, the euro is now worth 0.8340 with 0.831 seen as the next downside target level. At yesterday's close, the pair was worth 0.8380.

Looking ahead, the euro zone unemployment data for June, Italian and the euro-zone final CPI - both for July will be released at 5:00 am ET.

Across the Atlantic, the U.S. GDP for the second quarter, Chicago PMI for July and University of Michigan final consumer confidence data for July are slated for release.

Copyright(c) 2010 News.com, Inc. All Rights Reserved

Published: 2010-07-30 09:27:00 UTC+00 1 year, 6 months, 6 days, 6 hours, 21 min. ago

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