Euro Pared Gaines as ECB Revealed Loan Details | IFCM
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Euro Pared Gaines as ECB Revealed Loan Details - 22.12.2011

US Dollar Asian stocks remained under pressure on Thursday, following a poor performance of the major US stock indices. Japanese Nikkei Average lost 0.8% by the end of the session. European stocks dropped yesterday as well, after the European Central Bank announced its refinancing figures that showed the region may be far from financial stability. The US economy on the contrary makes more and more surprises – a report showed yesterday that sales of existing homes in the US rose in November to a 10-month high, increasing 4% in the prior month. Today consumer confidence, initial jobless claims and personal consumption are on the way. According to preliminary estimations, the University of Michigan final index of consumer sentiment increased to 68 in December from a preliminary reading of 67.7 and from 64.1 at the end of November. The dollar managed to recover the most part of its yesterday’s losses, so that the dollar index, which tracks the unit against a set of six currencies, is staying close to the figure of 80. Euro The euro rocketed yesterday to the highest level since December 13 – 1.3199, but fell later in the global day toward 1.3050, as the ECB reported that 523 euro-area lenders took a record 489 billion euros of funds under the central bank’s liquidity maintenance program, showing the region may need more measures to solve the debt crisis. Government bond yields rose as well, while investors remain uncertain whether banks would be willing to risk buying more southern European sovereign debt. Italian 10-year government bond yields increased to 6.33% while the Spanish equivalent debt costs rose to 5.2%. In Asian trading hours the single currency traded in a narrow range against the greenback – 1.3033-1.3074. Canadian Dollar The Canadian dollar was almost flat against its US counterpart in Asian trading hours today after a two-day rally. Yesterday the pair USD/CAD dropped to a 10-day low 1.0207 as crude oil advanced and the nation’s statistics agency reported retail sales growth that almost twice exceeded preliminary estimations – the Canadian retail sales increased 1% in October. In the aftermath however the greenback rose to 1.0260 against the loonie.
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