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- European session:
European session:
Data:
07:00 Germany PPI (October) 0.2%
07:00 Germany PPI (October) Y/Y 5.3%
The euro strengthened the most in a week against the dollar amid speculation European Central Bank buying of Italian and Spanish bonds will stem surging borrowing costs in the region.
Europe’s currency rose as ECB President Mario Draghi called on politicians to accelerate the implementation of agreed reforms of the region’s rescue fund.
The Dollar Index dropped for a second day on concern U.S. lawmakers are running out time to agree on deficit reduction measures. Switzerland’s franc appreciated versus all its major counterparts.
Italian two-year yields declined 19 basis points to 6.07 percent. They have fallen from a euro-era record of 7.48 percent on Nov. 10. Spanish two-year rates dropped four basis points to 5.45 percent. There were as high as 5.83 percent yesterday.
EUR/USD: the pair showed high above $1,3600. Later the rate receded.
GBP/USD: the pair showed high in $1,5880 area. Later the rate decreased.
USD/JPY: the pair fell in Y76,60 area.
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