By TraderVox.com
Tradervox (Dublin) – The report showed that economic sentiments grew to 13.1 against a projection of a decline to 10.7 by most economists from the previous reading of 11.0. This report indicates the difference between the share of investors who are optimistic and the share of analysts who are pessimistic. The increase in this number indicates that investors are bullish about the euro.
The yen has fallen against most of its major peers as Asian stock rose. Further, a report from the US showing that the US economy is improving might push the yen further down. However, the 17-nation currency pared some of the losses after Spain exceeded its maximum target in a bill sale earlier today. Spain sold 3.18 billion Euros of securities against a maximum target of 3 billion Euros which it had set. The sterling pound gained despite a report showing that inflation accelerated in March.
According to some analysts, the positive data from Europe and fully-participated auctions in the region are providing support for the euro and this might hold the EUR/USD cross at $1.32; however, there are those analysts who are predicting that the euro will finish the year at around $1.23.The current advance against the yen have been caused by the ZEW Economic Sentiment survey which unexpectedly rose and the demand of the Spanish 12-month bills witnessed in the last Spanish bill sale.
Reports from of Japans reluctance to embark on an easing operation have not helped the yen to with stand the pressure from the euro. However, the US dollar remained unchanged against the euro at the start of trading session in New York. The 17-nation currency advanced against the yen by 0.3 percent to trade at 105.98, it had declined by 0.4 percent yesterday. The euro remained unchanged against the greenback trading at $1.3148 after it recovered from a drop to 1.3091.
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