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Thursday July 1, 2010 - 10:57:33 GMT
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FOREX NEWS-Euro recovers losses, boosted by ECB tender


6:49am EDT

* Euro rises, ECB tender results cool concerns about banks

* Aussie recovers after falling on weak China data

* Analysts see weaker euro as euro zone worries remain

(Adds comment, updates prices)

By Naomi Tajitsu

LONDON, July 1 (Reuters) - The euro rose broadly on Thursday, recovering early losses as the results of a tender for short-term European Central Bank funds suggested euro zone banks were managing to repay emergency loans.

The euro earlier hit a lifetime low against the Swiss franc after Moody's put Spain's sovereign rating on review the previous day, raising worries about the health of some euro zone countries as the global economy slows.

But a takeup of six-day ECB funds which was largely in line with expectations helped the euro to hold gains made in European trade, when speculation that banks may not be as desperate for funds as previously thought triggered a short squeeze. [ID:nECB000068]

Thursday's tender followed an offer of three-month funding the previous day, which received less bids than expected, indicating that euro zone banks were fairly well positioned to repay nearly half a trillion euros in expiring emergency loans.

"(Today's tender) implies less desperation of euro zone banks to get spare cash," said Kit Juckes, currency strategist at Societe Generale.

"This is a reasonably good thing for the euro."

Still, Juckes and other analysts said signs of a weaker global economy would continue to sting the euro in the second half of 2010 as it may make it difficult for euro zone countries to tackle fiscal problems and deal with weak banking sectors.

By 1025 GMT, the euro EUR= traded 0.8 percent higher on the day at a session high of $1.2338 according to Reuters data, extending gains for a second straight day and pulling further away from a two-week low around $1.2150 hit earlier in the week.

The single currency recovered from an early slide to $1.2194, which came in the wake of Moody's announcement on Wednesday that it may cut Madrid's ratings due to sliding growth expectations and rising fiscal challenges. [ID:nLDE660051]

Weaker-than-expected Chinese economic data had also heightened concerns about a global economic slowdown and prompted initial selling in currencies perceived to be higher-risk.

But many of those currencies, including the Australian dollar, clawed back from losses after European stocks .FTEU3 pared early losses.


The euro was supported after the tender results, and as Madrid managed to sell five-year bonds after the Moody's warning. [ID:nLDE660051]

The euro was 0.2 percent lower at 1.3159 Swiss francs EURCHF=, but the single currency had pulled away from 1.3073 hit in earlier trade, its weakest since its 1999 launch.

Against the yen, it rose 0.3 percent to 108.50 yen, edging away from an 8 1/2-year low of 107.30 yen hit this week.

Despite the euro's gains, analysts remained pessimistic about the euro's prospects, as signs of a snag in the global recovery also showed in weaker-than-expected manufacturing data from China. CNPMIB=ECI

This had pushed the commodity-linked Australian dollar AUD=D4 to the day's low of $0.8315 on concerns that slower Chinese growth may cut demand for Australian natural resources. It later recovered to $0.8402, unchanged on the day.

The dollar was little changed versus the yen at 88.32 yen, while it slipped 0.3 percent versus a currency basket .DXY.

Despite concerns that the global economy will struggle, the dollar was unable to benefit from safe-haven demand as investors were also worried about the health of the U.S. economy.

Analysts speculate global financial strains may derail the U.S. economy recovery, and comments by Federal Reserve officials on Wednesday suggested this could may the central bank will be in no rush to raise ultra-low interest rates. [ID:nN30215459]

The Swedish crown hit the day's low against the euro EURSEKD4 of 9.6030 per euro after Sweden's central bank raised interest rates by 25 basis points to 0.5 percent as expected, but said the pace of more monetary tightening would likely slow.

(Editing by Ron Askew)

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