Market news
23.03.2011, 09:10

Asian session: The euro declined

The euro declined for a second day against the dollar on concern European Union leaders meeting this week will struggle to find a permanent solution to the region’s fiscal crisis.
The single currency weakened versus 13 of its 16 major counterparts on speculation Portugal’s government will collapse today as parliament votes on budget cuts that have divided lawmakers. 
The pound was about 0.2 percent from the strongest level in a year against the greenback before the Bank of England releases minutes of this month’s policy meeting.
The pound climbed for a third day against the euro on speculation accelerating inflation will prompt the U.K. central bank to raise interest rates.
U.K. consumer prices increased 4.4 percent in February from a year earlier, the most since October 2008, the Office for National Statistics said yesterday.

EUR/USD: the pair shown low in the field of $1.4150.
GBP/USD: the pair bargained within the limits of $1,6340-$ 1,6380.
USD/JPY: the pair decreased in around Y80,80.

EMU data includes industrial orders for January at 1000GMT.
UK data dominates European releases with the Bank of England minutes and also BBA data. 
US data starts at 1100GMT with the weekly MBA Mortgage Application Index. US data continues at 1400GMT, when the pace of new home sales is expected to rise to a 290,000 annual rate in February after sharp movements in the previous two months. The pace of home sales remains well below its year ago level, even this far into the recovery. The weekly EIA Crude Oil Stocks data then follows at 1430GMT. 

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