Europe’s currency traded flat against the US dollar at $1.3149. Markets are focused on the long term Spanish bond auction.
Euros have risen after positive outputs by the Germans with hopes euro growth might be leaning towards the economical growth. With the current conditions, there is a possibility EUR/USD might remain at its range bound.
German production was up 1.2% in march combined with Tuesday‘s unexpected March factory orders which indicates the Germans still have a solid and stable economy.
The U.S Dollar lost 0.24% against the Japanese yen at ¥98.75 while Sterling traded 0.08% higher against euro, buying at £0.8459. Investors are mainly focused on the bank rate from the Bank of England.
Reports show that crude stockpiles have risen by 230,000 to 395.5 million barrels. Analyst’s reports weaker dollar might be helping the market which would improve the economy and increase the demands
Spain is expected to hold a long term government bond auction on Thursday by 8:30am GMT.
Madrid is trying to sell a 3 year bond with a fixed coupon of 3.3%, with bond maturities in 2016, 2018 and 2026.
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