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American focus: dollar fell
The dollar fell versus most major counterparts as data showed the most Americans since January filed for jobless benefits last week, supporting the argument that monetary policy should stay stimulative to spur growth.
The euro strengthened versus the dollar as Italy’s 10-year bonds rose for a second day, pushing yields down from an almost two-month high of 5.73 percent reached yesterday. The nation sold 4.88 euros ($6.4 billion) of securities, close to its 5 billion-euro maximum target for the sale.
The yen dropped versus major peers as Bank of Japan Governor Masaaki Shirakawa said policy makers will “pursue powerful easing.” Defeating deflation and achieving sustained growth are important tasks for the central bank, Shirakawa said today in Tokyo.
The pound fell as a result of published data on the trade balance. Sharp fall in exports to countries outside the EU in February, partly because of falling car exports in January increased the trade deficit. Merchandise trade deficit widened to 8.772 billion pounds in February to 7.883 billion pounds in January, far more than analysts had expected.
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