Euro gains on USD, pound

The euro was higher versus the US dollar on Wednesday on gains in business confidence in Germany in March and comments from the European Central Bank president that high interest rates should keep Eurozone inflation down and as durable goods orders and new home sales both declined in the United States.

At just before 11 a.m. in New York, the dollar was at $1.5737 in relation to the euro.

The pound was also lower in relation to the the euro on Bank of England expectations that the slowing economy will bring declines to the UK currency and on declines in equities markets.

In late morning trade in New York the pound traded at 78.73 to the euro after going as low as 78.86 to the shared currency earlier, while it traded at $1.9988 to the greenback and to ¥198.2111.

The euro and the US dollar were both down in relation to the yen as investors backed away from carry trades.

At late morning in New York, the Euro traded at ¥156.0609 while the dollar was at ¥99.1650.

The yen and the Swiss franc were both up against the Australian and New Zealand dollars, with the yen trading at ¥91.2814 to the aussie and at ¥79.825 to the kiwi while the Swiss franc traded at SFr0.9183 to the Australian currency and at SFr0.8026 to the New Zealand dollar.

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