Euro Gains Limited after Economic Confidence Reports - 26.4.2012

The European Commission on economic and financial affairs reported today a decline in economic sentiment in the euro region. The gauge decreased significantly in April by 1.7 points to 92.8, driven by weakening confidence in the industry and services sectors. Confidence improved only in the retail sector, the Commission said. However the economic sentiment indicator for the European Union remained at 93.2 due to a strong improvement in the UK. Nevertheless in both regions, the sentiment remains well below its long term average. After touching in the morning a three-week high versus the dollar at 1.3262, the single currency dropped toward 1.3200 later in the European trading session. The euro also depreciated against the Japanese yen from 107.65 to 106.69.