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18.08.201007:03:00UTC+00Euro Mixed Against Majors

During early European deals on Wednesday, the euro showed mixed trading against other major currencies. While the euro recovered recent losses against the dollar, yen and the franc, it pared recent gains against the pound.

Most European stocks declined in early trade on doubts about the global economic recovery. Germany's DAX is currently trading flat, while France's CAC 40 index and the U.K.'s FTSE 100 index are 0.2% and 0.5% lower, respectively.

In economic news, German retail sales turnover decreased by a real 0.3% month-on-month in June after seasonal and calendar adjustments, the Federal Statistical Office reported today. Methodological improvements led to a revision in retail sales turnover data released on July 30. The initial estimate for June was a 0.9% fall. Annually, turnover in retail trade grew 4.7% in real terms and 5.3% in nominal terms in June.

A separate report showed that the number of people in employment in Germany climbed year-on-year for the first time in a year in the June quarter.

The Federal Statistical Office said a total of 40.3 million people were employed in Germany, an increase of 72,000 or 0.2% from a year ago. The total is a record high for a June quarter since the German unification in 1991, and is close to its all time high of 40.7 million recorded in the December quarter of 2008.

After hitting a low of 1.3360 against the franc at 3:55 am ET Wednesday, the euro advanced. The euro-franc pair is currently worth 1.3422 with 1.346 seen as the next upside target level.

The euro that declined to 1.2825 against the dollar at 2:10 am ET Wednesday moved sideways thereafter, but it strengthened after 4:00 am ET. As of now, the euro-dollar pair is worth 1.2895. If the euro rises further, it may likely target the 1.292 level.

The euro gained against the yen after touching a low of 109.60 at 2:05 am ET Wednesday. Currently, the euro-yen pair is worth 110.0. The next upside target level for the euro is seen at 110.3.

The euro rose to 0.8284 against the pound before weakening at 3:50 am ET Wednesday. At present, the euro-pound pair is worth 0.8235. On the downside, 0.818 is seen as the next target level for the European currency.

The pound rose sharply after the release of the minutes of the Bank of England's August meeting showed at 4:30 am ET that eight members voted to retain the interest rate at a record low of 0.5%, while Andrew Sentance sought a 25 basis point hike.

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