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26.03.2012 08:18

Asian session: The euro rose for a second day against the yen

 

 

The euro rose for a second day against the yen on prospects Europe may agree to combine two rescue funds to halt the spread of its sovereign-debt crisis.

The 17-nation euro gained before a report forecast to show German business confidence held at the highest level since July. European policy makers are discussing how to add to bailout funds, for example by allowing the temporary European Financial Stability Facility and the permanent 500 billion-euro ($664 billion) European Stability Mechanism to work concurrently to make more money available.

The dollar advanced against the yen before a U.S. report this week that may show orders for durable goods increased in February. The dollar rose for the first time in four days against the yen before a March 28 report projected to show bookings for long-lasting factory goods rose 3 percent last month after decreasing 3.7 percent in January, according to the median estimate of economists surveyed by Bloomberg News. Gains may be limited as the U.S. currency’s decline below its 20-day moving average last week may signal a reversal of the greenback’s bullish trend, Gaitame.com Research Institute Ltd. said, citing trading patterns.

The currencies of Australia and New Zealand climbed against the yen as prospects of a recovery in the world’s largest economy boosted demand for higher-yielding assets.


EUR/USD: during the Asian session the pair traded in a range $1.3260-$1.3285.

GBP/USD: during the Asian session the pair traded in a range $1.5860-$1.5880.

USD/JPY: during the Asian session the pair restored after Friday’s falling.


The main data release comes at 0800GMT with the German IFO business survey, which is expected to see the Business Climate Index edge higher to 109.7. At 1200GMT, Federal Reserve Chairman Ben Bernanke is due to deliver the opening speech at the National Association for Business Economics in Arlington, Va. US data starts at 1400GMT by NAR Pending Home Sales and then at 1430GMT by

the weekly MNI Retail Index as well as the Dallas Fed Manufacturing Outlook Survey.

26.03.2012 09:01

EUR/USD moves below $1.3200

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