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The dollar climbed against most major peers, extending this week’s gains, as investors sought the safest assets on concern economies in the euro area will worsen as leaders struggle to halt the region’s debt crisis.
The euro dropped to a seven-week low against the greenback as Italy prepares to sell bills today after the country’s two- year yield soared to a 14-year high yesterday.
Fitch lowered Portugal’s long-term rating to BB+ from BBB- with a negative outlook while Moody’s cut Hungary’s foreign- and local-currency bond ratings to Ba1 from Baa3 yesterday.
Australia’s dollar was set for a fourth week of declines as Asian stocks fell after German Chancellor Angela Merkel’s rejection of joint euro bonds damped optimism about a potential remedy for the region’s woes. The dollar rose against the yen before a U.S. report next week forecast to show consumer confidence improved.
EUR/USD: on Asian session the pair is under pressure.
GBP/USD: on Asian session the pair fell.
USD/JPY: on Asian session the pair gain.
On Friday the output of significant macroeconomic statistics is not planned.
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