Euro gains on USD, yen

The euro gained ground versus the US dollar and the yen Tuesday after a new ZEW survey showed that German investor confidence returned to positive territory in April, coming in at 13, up from minus 3.5 in March.

At around 11 a.m. in New York, it took $1.2952 or ¥127.3345 to buy a euro.

The pound was also up on good news as UK retail sector as food retailer Tesco (LSE: TSCO) said sales in stores open for a year or more were up 3.4 percent since the end of February, while luxury clothing retailer Burberry (LSE: BRBY) said that its revenues were up more than had been expected.

In late morning trade in New York the pound traded at 88.47p to the euro while it cost $1.4639 to buy a pound.

Meanwhile, the yen was weaker in anticipation of a report due tomorrow which could show that Japan ran a trade deficit of ¥27 billion ($275 million) in March, while the Canadian dollar declined after the Bank of Canada cut interest rates there to 0.25 percent and said that the Canadian economy will contract by 3 percent this year.

At just past 11 a.m. in New York, the yen was worth ¥143.9248 to the pound and ¥98.315 to the US dollar, while at the same time the Canadian dollar traded at C$1.243 to the greenback.

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