With the end of the last week, the USD touched a two week high against the JPY as orders for U.S. durable goods excluding transportation items climbed 2.8% in March 2010 and sales of new homes increased 26.9%, the most in five decades. The JPY weakened 1.95% and reached 93.97 versus the USD. With the beginning of the current week, the USD could extend his upward trend and traded at 94.09. Furthermore the EUR declined against the USD on concerns that Greece`s request for a 60 billion USD bailout from the European Union will fail to ease investors concerns about the nation`s ability to end its financial crisis. The USD strengthened to 1.3359 from 1.3384. Also the other 15 most traded counterparts rose against the EUR as investors demand Greece pay almost triple what they charge Germany for its 10-year bond. The Greek Finance Minister George Papaconstantinou told investors that they will lose their shirts if they bet the cash strapped nation will default, as his government moved toward securing emergency aid before dept payments come due in the middle of May. Furthermore the yield on the Greek two year note rose to its personal high and reached 10.57%. The JPY rose to 125.72 versus the EUR.
The GBP increased versus the USD and rose more than 4% from its year’s low at 1.4748. Last Friday, the GBP traded at 1.5368 and has been starting the week at 1.5386. Also against the EUR, the GBP had a good start in the week and rose to 0.8683. Furthermore at the end of the last week, the Office for National Statistics in the U.K. published, that the gross domestic product climbed 0.2% in the first quarter against the median estimate of 0.4%. Therefore it could be a surprise that the GBP could start the week with gains versus its major counterparts.
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