For the second consecutive day, the Euro had edged higher against the U.S. Dollar and touched on a 1-week peak but analysts agree that the Eurozone’s debt crisis is likely to minimize potential gains. However, it was Chinese growth data which eventually brought it down. China reported that its preliminary GDP estimates for the first quarter of the year came in at 8.1%, down from the last quarter’s 8.9%. Economists had anticipated growth of 8.3% but markets had been pricing in even higher expectations.
As reported at 12:43 p.m. (JST) in Tokyo, the Euro was trading at $1.3176, slipping off the peak hit of $1.3213 on Thursday and holding near key resistance. Yesterday’s Italian bond sale saw heavy demand for 3-year debt, though the yields rose more than 100 basis points as compared to a similar sale last month, however longer dated 10-year yields edged lower. The auction of Spain’s 10-year bonds saw a similar outcome.
The Australian Dollar also eased back dropping 0.3% against the U.S. Dollar to trade at $1.0400. Better than expected Australian economic data points helped to give the Aussie a boost, but like the Euro it was China’s growth news which halted any gai.
As reported at 12:43 p.m. (JST) in Tokyo, the Euro was trading at $1.3176, slipping off the peak hit of $1.3213 on Thursday and holding near key resistance. Yesterday’s Italian bond sale saw heavy demand for 3-year debt, though the yields rose more than 100 basis points as compared to a similar sale last month, however longer dated 10-year yields edged lower. The auction of Spain’s 10-year bonds saw a similar outcome.
The Australian Dollar also eased back dropping 0.3% against the U.S. Dollar to trade at $1.0400. Better than expected Australian economic data points helped to give the Aussie a boost, but like the Euro it was China’s growth news which halted any gai.
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