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Economy
In reply to the discussion: STOCK MARKET WATCH -- Friday, 23 May 2014 [View all]xchrom
(108,903 posts)12. Euro Slides on Germany as Spain Bonds Rise With Metals
http://www.bloomberg.com/news/2014-05-22/asian-futures-rise-as-yen-holds-drop-baht-forwards-gain.html
The euro weakened for a fourth day against the dollar as German business confidence fell, fueling speculation the European Central Bank will boost stimulus. Spanish and Italian bonds gained while industrial metals rose.
Europes shared currency depreciated 0.3 percent to $1.3621 at 6:49 a.m. in New York, touching a three-month low. The Stoxx Europe 600 Index slipped 0.1 percent and Standard & Poors 500 Index futures were little changed. The yield on 10-year Spanish bonds dropped five basis points to 3 percent and Italys rate slid six basis points to 3.18 percent. Copper rose 0.7 percent and aluminum climbed to a three-week high.
Business sentiment in the euro areas largest economy declined more than analysts forecast, according to data from the Ifo institute. The 18-nation common currency also declined as concern grew euro-skeptic parties will gain ground in elections this weekend for the European Parliament. New home sales in the U.S. probably rose in April, economists said before a Commerce Department report today.
The Ifo survey is the trigger for more euro weakness today, said John Hardy, the head of foreign-exchange strategy at Saxo Bank A/S in Copenhagen. The worry now is that momentum is waning in the core and that strengthens the case for the ECB to move in June. There is some nervousness around the European election results too.
The euro weakened for a fourth day against the dollar as German business confidence fell, fueling speculation the European Central Bank will boost stimulus. Spanish and Italian bonds gained while industrial metals rose.
Europes shared currency depreciated 0.3 percent to $1.3621 at 6:49 a.m. in New York, touching a three-month low. The Stoxx Europe 600 Index slipped 0.1 percent and Standard & Poors 500 Index futures were little changed. The yield on 10-year Spanish bonds dropped five basis points to 3 percent and Italys rate slid six basis points to 3.18 percent. Copper rose 0.7 percent and aluminum climbed to a three-week high.
Business sentiment in the euro areas largest economy declined more than analysts forecast, according to data from the Ifo institute. The 18-nation common currency also declined as concern grew euro-skeptic parties will gain ground in elections this weekend for the European Parliament. New home sales in the U.S. probably rose in April, economists said before a Commerce Department report today.
The Ifo survey is the trigger for more euro weakness today, said John Hardy, the head of foreign-exchange strategy at Saxo Bank A/S in Copenhagen. The worry now is that momentum is waning in the core and that strengthens the case for the ECB to move in June. There is some nervousness around the European election results too.
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