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Yesterday the euro strengthened against most of its major counterparts after Spain, Italy and the Netherlands sold bonds, damping concern the region’s sovereign-debt crisis is worsening. Spain’s bonds gained, pushing yields on two-year notes down 14 basis points, or 0.14 percentage point, to 3.43 percent after the nation sold 1.9 billion euros ($2.5 billion) of bills. The maximum target was 2 billion euros. Two-year Dutch note yields fell the most in almost five months as the Netherlands sold securities due in 2014 and 2037. Italy’s yields dropped after the nation sold 2.5 billion euros of zero-coupon notes.
Sterling reached a 20-month high against the euro and touched the strongest in more than five months versus the dollar before a report that’s forecast to show U.K. gross domestic product gained 0.1 percent. It shrank 0.3 percent in the fourth quarter.
The yen dropped versus most major peers amid bets the Bank of Japan will announce further monetary easing policies on April 27. The central bank is “committed” to monetary easing, Governor Masaaki Shirakawa said last week in New York.
EUR/USD: yesterday the pair gain touched a level $1.3200.
GBP/USD: yesterday the pair rose, updated a week’s high.
USD/JPY: yesterday in first half of day the pair fell, however rose on positive territory later.
European events start at 0700GMT when ECB President Mario Draghi is due to give an introductory statement before the European Parliament's Committee of Economic and Monetary Affairs, in Brussels. At 0800GMT, the ECB is due to publish the Eurozone Bank Lending Survey. UK data at 0830GMT includes the latest Index of Services as well as the preliminary estimate of Q1 GDP data. At 1000GMT, the CBI Quarterly Industrial Trends Survey is due. US data starts at 1100GMT with the weekly MBA mortgage applications data, which is followed at 1200GMT by the latest Building Permits Revision and then at 1230GMT by durable goods orders, which are forecast to fall 2.0% in March after rising a revised 2.4% in February. At 1430GMT, the EIA weekly crude oil stocks data is due. Later on, at 1630GMT, the FOMC meeting statement is due, followed at 1800GMT by the publication of the current economic projections and then at 1815GMT by a press conference with Federal Reserve Chairman Ben Bernanke.
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