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- Forex: Thursday's review
Forex: Thursday's review
The euro extended its gains after breaking through the technical level of $1.4150.
European officials said a bailout for Portugal may total as much as 70 billion euros ($99 billion).
Portugal hasn’t asked for a bailout and the figures are preliminary, the officials said. The action would follow Greece and Ireland’s request of aid from the European Union and the International Monetary Fund.
Greece accepted a $110 billion-euro aid package from the EU and IMF in May 2009 and Ireland accepted an 85 billion-euro bailout fund in November.
Portugal made up about 1.8$% of the total 17-nation euro-zone gross domestic product in the fourth quarter last year, according to Eurostat, the European Union’s statistics office, and data, while Ireland accounts for 1.8% and Greece makes up 2.3%.
Spain, which investors have also speculated may need a bailout, accounts for 10.1% of the region’s gross domestic product.
US data starts at 1230GMT, when fourth quarter GDP is expected to be revised up to a 3.0% rate of growth, while the chain price index is expected to be unrevised at +0.4%. Analysts have already turned their attention to the first quarter of 2011, however.
At 1355GMT, the Michigan Sentiment index is expected to be revised down to a reading of 68.0 in March, still below the 77.5 reading in February.
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