David Goodman News
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The euro advanced against the dollar after a report showed German business confidence increased in May for the first time in three months, adding to signs that growth in Europe’s largest economy is gathering pace.
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The Australian dollar reversed a decline against its U.S. equivalent to trade 0.1 percent stronger at 97.12 U.S. cents as of 11:59 a.m. London time.
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The yen declined against the dollar, weakening 0.2 percent to 102.69 as of 7:38 a.m. London time.
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Germany’s two-year notes declined for the first time in four days amid signs the global economic recovery is gathering pace, damping investor demand for the safest government assets.
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The dollar strengthened before reports economists said will show manufacturing in the Philadelphia region expanded, while first-time jobless claims were near the lowest since January 2008.
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The euro fell to a six-week low against the dollar after reports showed the region’s economy shrank more last quarter than analysts forecast and German growth cooled.
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The pound erased an advance versus the euro to trade little changed at 84.55 pence as of 2:45 p.m. London time.
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The euro declined against the dollar, dropping 0.2 percent to $1.2966 as of 8:32 a.m. London time. The 17-nation shared currency fell 0.3 percent to 131.64 yen.
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Investors seeking mortgage bonds outside recession-plagued Europe are heading to Australia, the world’s fastest-growing major developed economy, boosting issuance to the highest in almost two years.
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Treasury 10-year note yields reached the highest level in almost four weeks before the U.S. sells $24 billion of the securities today.
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