Treasury - Daily Forex for day 25.01.2005

The U.S. currency was little changed against the euro yesterday. Briefly boosting the euro early in the session, a survey confirmed market speculation that many central banks were increasing the share of the euro in their currency reserves, mainly at the expense of the dollar. On the other hand, the European single currency slipped slightly after German Finance Minister Hans Eichel said that he hoped Asian countries would do more to let their currencies float. This comment first led to a sell-off in the euro against the yen, which later pushed the euro/dollar down.

A large corporate order late Monday sent the crown through the 30.20 per euro resistance level, to its highest since September 2002. Otherwise, no important economic data are published these days.