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- Asian session: the dollar dropped
Asian session: the dollar dropped
The dollar held a two-day drop against the euro as Asian stocks extended a rally in global equities, damping demand for the U.S. currency as a refuge.
Australia’s dollar advanced for a third day versus the U.S. currency and the yen on higher prices for commodities, which make up majority of the nation’s exports. The euro declined earlier as Italy and Spain prepare to sell short-term debt amid a regional fiscal crisis. Demand for the greenback was limited before a report forecast to show U.S. consumer confidence stayed near the lowest level in two years.
St. Louis Fed President James Bullard said faster inflation won’t reduce the housing glut. He also said “monetary policy is ultra-loose right now, and appropriately so.”
Fed Chairman Ben S. Bernanke and colleagues have discussed adopting specific levels of inflation and unemployment as conditions for keeping interest rates near zero.
EUR/USD: on asian session the pair gain, but later dropped.
USD/JPY: on asian session the pair hold Y76.20/50.
Focus today Merkel to meet Papandrou in Berlin at 1800GMT; Slovenian parliament votes on EFSF before it is dissolved; Spain sells 3-/6-month T-bills for E2.5bln-E3.5bln; Austria Fin committee meets to consider EFSF Bill to go to Special Parliament session.
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