Euro gains on USD, yen

A new Markit index report which showed that manufacturing and services in the Eurozone contracted less in April than in March helped the euro see gains against the US dollar and the yen on Thursday.

At the same time, the US dollar was hurt by new numbers from the National Association of Realtors showing that existing home sales were down by 3 percent in March in the United States, while the yen faltered on the news that Swiss bank Credit Suisse (SWX: CSGN; NYSE: CS) made a net profit of SFr 2 billion in the first quarter, double its expected gains.

The good news for the Swiss bank made investors more interested in buying higher-yielding currencies in risky carry trades financed by the lower-yielding yen.

In late morning trade in New York, the yen traded at ¥127.5316 to the euro and at ¥97.855 to the greenback, while it took $1.3033 to buy a euro.

The Swiss franc, however, strengthened against the euro after comments from a Swiss National Bank official implied that the central bank could take a wait-and-see attitude before again intervening in its currency.

The Swiss currency traded at SFr 1.511 to the euro at just before 11:30 a.m. in New York while it was at SFr 1.1594 to the US dollar.

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