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The yen advanced against 13 of its 16 major counterparts as concern that Europe’s debt crisis will push up the region’s borrowing costs and damp economic growth supported investor appetite for safer assets.
The yen strengthened before Italy auctions securities today and ahead of a report tomorrow that may show business confidence in the Mediterranean nation fell to the lowest level in almost two years. Japan’s currency also gained as Asian stocks declined for a second day. Demand for the dollar was limited as data signaled a recovery in the U.S. economy is gaining momentum.
The euro traded at $1.3065 from $1.3071 yesterday. The common currency has fallen 2.4 percent against the dollar in 2011.Italy is scheduled to sell 9 billion euros ($11.8 billion) of 179-day bills and as much as 2.5 billion euros of zero-coupon 2013 securities today. It will auction as much as 8.5 billion euros of debt due in 2014, 2018, 2021 and 2022 tomorrow.The nation’s 10-year bond yields yesterday climbed two basis points, or 0.02 percentage point, to 7 percent, the level that spurred Greece, Ireland and Portugal to seek bailouts.
EUR/USD: on Asian session the pair decreases.
GBP/USD: on Asian session the pair holds in a narrow range.
USD/JPY: on Asian session the pair fell.
Tuesday there will begin at 07:00 GMT Switzerland the publication of the Consumption Indicator from UBS for November. At 14:00 GMT in the USA there will be S&P/Case-Shiller Home Price Indices for October. At 15:00 GMT the USA will be published with the indicator of consumer confidence for December (growth up to 58.9 against 56.0 the last month is expected). In end of day we are expected with the block of statistics from Japan.
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