Asian session: The euro strengthened

The euro strengthened the most in a week against the dollar and yen on speculation China will increase purchases of European bonds, boosting confidence the region will emerge from its sovereign-debt crisis.

The single currency gained against 14 of its 16 most-traded peers after the Financial Times reported that European Financial Stability Facility Chief Executive Officer Klaus Regling had said Asian investors, including China, may buy Portuguese bailout bonds when the EFSF begins selling in June.

Australia’s dollar climbed after a report showed business investment increased more than economists forecast in the first quarter.

Australian capital spending climbed 3.4 percent in the three months to March 31 from the fourth quarter, when it gained a revised 1.5 percent, the government statistics agency said today. The median forecast in a survey of economists was for a 2.7 percent increase.

EUR/USD: the pair overcome resistance in the field of $1.4160 and become stronger in around $1.4190.

GBP/USD: the pair shown high in the field of $1.6330 then decreased in around $1.6300.

JPY/USD: the pair shown low in the field of Y81.70 then returned back to around Y82.00.

At 0920GMT, ECB President Jean-Claude Trichet delivers a speech at the WDR Europaforum.

US data starts at 1230GMT with the wekly jobless claims also the second release of Q1 GDP data. The level of initial jobless claims is expected to fall 4,000 to 405,000 in the May 21 week, continuing to retrace from its sharp April gains. The pace of GDP growth is expected to be revised up to +2.1% for the first quarter on upward adjustments to PCE, nonresidential fixed investment, and inventory building. Residential building is expected to be a larger drag on GDP than previously estimated. The chain price index is expected to be unrevised at +1.9%.

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