ICM Brokers | Nov 23, 2012 05:13AM ET
The euro may extend gains that have pushed it to the strongest since April, The 17-nation currency is poised to advance toward 107.74 yen, the 78.6 percent retracement of its slide from March until July, before that takes place, the euro is initially poised to weaken to 104.62 yen, which represents the highs set last month, they wrote. The euro gained 0.6 percent to 106.50 yen at 1:53 p.m. in London after rising to 106.58 yen, the strongest level since April 30. The last time it traded at 107.74 yen was April 23. The euro traded near its highest level in three weeks on prospects finance ministers will agree on an aid package for Greece next week, even after a report showed Europe’s common currency area slipped back into recession.
U.K. government bonds were little changed as the Debt Management Office sold 3.25 billion pounds ($5.18 billion) of index-linked bonds though banks. The U.K. currency depreciated 0.5 percent to 80.82 pence per euro after sliding to 80.86 pence, the weakest level since October 25. The U.K. currency dropped 0.1 percent to $1.5937.
Retail sales increased 0.1 percent to CAD 39.1 billion ($39.3 billion), the third consecutive monthly gain, as increases at new car dealers were offset by declines at department stores and gasoline stations, The Canadian dollar declined 0.1 percent against the greenback to 99.74 cents per U.S. dollar.
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