2008.12.3004:55:00UTC+00Euro Recovers Early Asian Session Losses Against Majors

The European currency recovered the losses it incurred in early Tuesday Asian trading against its major counterparts.

Eurozone M3 money supply grew at a pace of 7.8% year-on-year in November, the European Central Bank said today. The annual growth rate was 8.7% each in September and October. Economists had predicted annual growth to slow to 8.5%.

The euro gained ground against its US and Japanese counterparts in early European deals on Tuesday. Currently, the euro is worth 127.79 against the yen and 1.4173 per dollar, moving up from 126.40 and 1.3990 respectively hit at about 2:00 am ET. The euro closed yesterday's deals at 126.30 against the yen and 1.3929 versus the dollar.

In the New York session today, the US S&P/Case-Shiller home price index for October, Chicago PMI as well as the consumer confidence reports for December have been scheduled for release.

In early Asian trading on Tuesday, the euro declined against the franc. The euro-franc pair touched a low of 1.4772 by about 1:45 am ET, before reversing its direction. As of now, the pair is trading near 1.4931, which may be compared to Monday's close of 1.4785.

The Swiss National Bank said the current account surplus increased to CHF 15.2 billion in the third quarter from CHF 6.3 billion in the prior quarter. However, the surplus stood below the CHF 15.7 billion surplus logged in the same quarter of prior year.

The euro strengthened against the pound after falling to 0.9682 by about 2:00 am ET Tuesday. At about 4:35 am ET, the pair reached a high of 0.9790. The pair was worth 0.9680 at yesterday's close.

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