John Hydeskov News
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Spanish and Italian bonds rose for a second day as European Central Bank President Mario Draghi said officials will do whatever it takes to preserve the euro, suggesting policy makers may step in to cap surging debt yields.
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The pound weakened from within two U.S. cents of an eight-month high against the dollar after an industry report showed a gauge of house prices fell in April.
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U.K. government bonds rose, with 10- year yields dropping the most in a week, as a decline in German exports and Italian industrial production underpinned demand for safer securities.
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Norway is moving closer to a housing bubble as the central bank’s strategy of cutting interest rates to weaken the krone spurs credit growth and bloats property values.
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The pound dropped from a seven- month high against the dollar after the U.K. economy unexpectedly slipped back into recession, backing the case for the Bank of England to extend its asset-purchase program.
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The yen and Swiss franc weakened against most of their major counterparts on evidence of recovery in the world’s largest economies, supporting demand for higher- yielding assets.
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Gilts advanced, pushing 10- and 30- year yields to record lows, as minutes of the Bank of England’s most recent meeting showed some policy makers said an increase in stimulus may be needed.
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Further decline in the yen following the resignation of Japan’s Prime Minister Yukio Hatoyama may be limited, implied volatility from options trading monitored by Bloomberg show.
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Sweden’s krona strengthened amid speculation that the nation’s central bank will keep raising interest rates to contain inflation as the economy expands.
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The U.K. pound will weaken to 89 pence per euro in the next three months as the European Central Bank starts raising borrowing costs four months before the Bank of England, Danske Bank A/S predicts.
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