Market news

27.09.2011, 12:20

European session: The dollar weakened

Data:

08:00 EU(17) M3 money supply (August) adjusted Y/Y 2.8%

08:00 EU(17) M3 money supply (3 months to August) adjusted Y/Y 2.3%

10:00 UK CBI retail sales volume balance (September) -15%

The dollar and yen weakened against higher-yielding currencies as stocks rallied around the world on optimism European leaders are nearing an agreement to contain the debt crisis, damping demand for refuge assets.

The euro snapped a two-day gain versus the dollar as Italian and Spanish borrowing costs rose at debt auctions today.

Spain sold 3.22 billion euros of three- and six-month bills, compared with the Treasury’s maximum target of 3.5 billion euros, the Bank of Spain said. The yield on the three- month debt was 1.692 percent, compared with an average of 1.357 percent when similar securities were sold on Aug. 23. Italy sold 182-day bills at 3.071 percent, up from 2.14 percent at the previous auction of similar-maturity debt on Aug. 26.

EUR/USD: the pair grown in $1.3600 area.

GBP/USD: the pair grown above $1.5600.

USD/JPY: the pair restored in Y76.40 area.

At 13:00 GMT US S&P/Case-Shiller Home Price Indices is due (cons. -4.4% vs -4.5% in June). Then at 14:00 GMT Consumer confidence will be published.

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