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30.05.2012 13:09

European session: the euro still under pressure

 

Data:

07:00 Switzerland KOF Leading Indicator May 0.40 0.44 0.81

08:00 Eurozone M3 money supply, adjusted y/y April +3.2% +3.5% +2.5%

08:30 United Kingdom Net Lending to Individuals, bln April 1.4 1.2 1.1

08:30 United Kingdom Mortgage Approvals April 49.9 50.1 51.8

09:00 Eurozone Business climate indicator May -0.52 -0.67 -0.77

09:00 Eurozone Industrial confidence May -9.0 -10.2 -11.3

 

The euro fell  as Spain struggled to rescue its troubled banks, adding to signs the European debt crisis is spreading to the region’s larger economies.

The common currency slid for a seventh day versus the yen, the longest losing streak in four months, after Italy sold less than its maximum target at a debt auction.

The yen and dollar strengthened as investors sought safer assets after a European report showed economic confidence dropped more than economists estimated in May.

Spain’s 10-year bond yield rose as high as 6.70%, approaching the 7% level that led to bailouts in Greece, Ireland and Portugal, after central bank Governor Miguel Angel Fernandez Ordonez resigned a month early amid criticism over the nationalization of Bankia group.

The euro dropped for a second day against the greenback as Spain backtracked on a plan to use government debt instead of cash to bail out the nation’s third-largest lender, while Prime Minister Mariano Rajoy struggles to shore up the nation’s lenders without overburdening public finances.

 

EUR/USD: the pair showed low in $1,2420 area.


GBP/USD: the pair showed low in $1,5550 area then receded.


USD/JPY: the pair fell in Y79.00 area.


 

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