Market news
24.05.2011, 08:52

Asian session: The euro weakened against the yen

Data:
03:00 New Zealand RBNZ Inflation Expectations (YoY) (Q2) 3.0%

The euro weakened for a third day against the yen on speculation Europe’s sovereign-debt crisis is worsening and as the region’s industrial expansion slows.
Europe’s common currency was 0.7 percent from a nine-week low against the dollar before a report forecast to show the region’s industrial orders fell in March. 
The pound slid against 15 of its 16 major peers after Sky News said Moody’s Investors Service will place 14 British banks and building societies on review for downgrades, citing people familiar with the matter. 
New Zealand’s dollar rose versus all its most-traded peers as company executives raised their expectations for inflation.
Europe’s debt crisis has deepened as euro political leaders clashed with central bankers after floating the prospect of extending maturities on Greek bonds. Fitch Ratings yesterday lowered the outlook on Belgium’s credit rating to negative, following Standard & Poor’s May 20 announcement that Italy’s debt rating was at risk of a downgrade.

EUR/USD: the pair tested a mark $1.4000 then become stronger in around $1.4060. 
GBP/USD: the pair shown low in the field of $1.6070 then returned back above a level $1.6100.
USD/JPY: the pair decreased in around Y81.70. 

EMU industrial orders data is due at 0900GMT, although the data is for March and is expected to post a decline at -1.8% m/m. 
US data - at 1400GMT new home sales. 


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