MARKET OVERVIEW AT CLOSE
Italian BTP bonds have maturities of five, ten, fifteen and thirty years. Governments issue treasuries to borrow money to cover the gap between the amount they receive in taxes and the amount they spend to refinance existing debt and/or to raise capital. EURGBP 0.8447 -0.14% EURCHF 1.2185 0.08% EURUSD 1.2767 -0.08% EURAUD 1.223 -0.07% EURCAD 1.2988 0.06% EURJPY 120.51 0.04% EURNZD 1.5279 -0.03%
Tuesday mornings release of the UK's GDP for the first quarted has met market expectations of -0.3% quarter-on-quarter, registering a flat lining from the 2012 fourth quarter. Despite reaching expectations, sterling pairs remain on the slide against the majority of its major counterparts. GBPJPY 142.7 0.24% GBPCAD 1.5371 0.19% GBPCHF 1.4415 0.17% GBPAUD 1.448 0.10% EURGBP 0.8451 -0.09% GBPUSD 1.5115 0.09% GBPNZD 1.8079 0.08%
Wednesday's release of Canadian consumer price index (CPI), has outperformed market expectations posting a core CPI level of 0.7% and CPI (month-on-month) of 1.2%.
Immediately following the release, USD/CAD hit session lows, and also paring earlier losses against its other major counterparts.
CADJPY 92.56 -0.53%, EURCAD 1.3 -0.33%, GBPCAD 1.5371 -0.25%, AUDCAD 1.0618 -0.22%, NZDCAD 0.85 -0.15% and USDCAD 1.0173 0.13%.
In Europe, French Gross Domestic Product (GDP) quarter-on-quarter has posted an expected level of 0.3% in-line with market price action, unchanged from it's previous level, sending the euro lower ahead of the London open.
the Gfk German consumer climate data has seen a level of 5.9, in-keeping with market expectations and flat on a month-on-month basis. The Gfk German Consumer Climate Index measures the level of consumer confidence in economic activity. The data is compiled from a survey of about 2,000 consumers which asks respondents to rate the relative level of past and future economic conditions.
Tuesday's release of European consumer confidence has highlighted a decline (month-on-month) posting a decline to -24 from February's level of -23.6 sending the euro lower against the majority of its major counterparts.
Lastly, Italian 10-year bond auction has resulting in a fall in bond yields to 4.66% in March, down from February's level of 4.83% suggesting that investors long-term view of the European nations was improving. EURJPY 120.61 0.12% EURGBP 0.8451 -0.09% EURCAD 1.2992 0.09% EURCHF 1.2184 0.07% EURNZD 1.5281 -0.02% EURUSD 1.2776 -0.01%
At market close:
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