Asian session: The dollar and yen advanced
25.05.2011, 08:13

Asian session: The dollar and yen advanced

The dollar and yen advanced against their major counterparts as Asian stocks slumped and commodities including oil declined, boosting demand for the safest assets.
The Dollar Index approached a seven-week high before U.S. reports tomorrow forecast to show the world’s largest economy is recovering at a faster pace and initial jobless claims decreased for a third week. 
The euro dropped toward a two-month low against the dollar amid concern that Europe’s sovereign debt crisis will spread as policy makers disagree over how to solve Greece’s fiscal woes.
European Union Economic and Monetary Affairs Commissioner Olli Rehn told French daily newspaper Les Echos in an interview that Greek debt maturities could be extended on a voluntary basis.

EUR/USD: the pair decreased in around $1.4030. 
GBP/USD: the pair decreased in around $1.6130. 
USD/JPY: the pair decreased below mark Y82.00

UK data also starts at 0830GMT and includes the second estimate of Q1 GDP, which is expected to remain unrevised. This is released at the same time as BBA mortgage approvals data and also the index of services data as well as the Q1 details. 
US data starts at 1100GMT with the MBA Mortgage Application Index. US data continues at 1230GMT when durable goods orders are expected to fall 2.6% in April after rising a revised 4.1% in March. Boeing reported only 2 aircraft orders in April, down sharply from the 98 orders reported in March. US data continues at 1400GMT with the FHFA Home Price Index and then at 1430GMT with the weekly EIA Crude Oil Stocks data. 

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