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The dollar traded near a three-month high against the yen before data that economists said will show U.S. housing starts and building permits rose last month.
The U.S. currency held onto yesterday’s gains against most major counterparts after Treasury 10-year yields advanced to a seven-month high, attracting demand for U.S. assets.
The euro maintained yesterday’s drop versus the yen as Spain prepares for its final bond sale of the year today amid concern it will follow Greece and Ireland in needing a bailout.
U.S. housing starts rose to a 550,000 annual rate in November from 519,000 in October, according to the median estimate of economists in a survey before the Commerce Department releases the data today. Building permits, a sign of future activity, gained 1.5 percent to a 560,000 rate last month, another survey showed before today’s data.
EUR/USD: the pair bargained within the limits of $1,3200-$ 1,3240.
GBP/USD: the pair has slightly receded from the minima reached yesterday.
USD/JPY: the pair bargained within the limits of Y84,10-Y84,40.
In the UK at 0830GMT, the Bank of England's Posen delivers a speech. UK data continues this week, at 0930GMT with the Bank of England GfK NOP Inflation Attitudes Survey and also the release of November Retail Sales.
EMU data - at 1000GMT the Q3 labour cost survey and also final HICP for November.
US data starts at 1330GMT with Housing Starts and the weekly Initial Jobless Claims data. Initial jobless claims are expected to fall 1,000 to 420,000 in the December 11 week. Seasonal adjustment factors are an issue during the November-January period. Housing starts are expected to rebound to a 550,000 annual rate in November after falling in the previous two month. The NAHB reported that its November index of builder sentiment rose slightly to 16. At 1500GMT, the Philadelphia Fed index is forecast to fall to a reading of 16.0 in December after the sizable gain in November. Later data includes the weekly 1530GMT release of Natural Gas Stocks, while at 2130GMT, weekly Money supply data is due.
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