Euro Gains After Loan Data as Stocks Rise, Yen Falls
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The euro strengthened to an 11-month high against the dollar as the European Central Bank said lenders will repay more of its loans than economists forecast. U.S. stock-index futures rose, while the yen weakened for a second day.
The euro climbed 0.6 percent to $1.3453 at 6:15 a.m. in New York and the yen slid 0.5 percent versus the dollar. The pound dropped less than 0.1 percent to $1.5782, erasing earlier gains, after the U.K. economy contracted more than analysts anticipated. The Stoxx Europe 600 Index advanced 0.1 percent, extending a 23-month high. Standard & Poor’s 500 Index futures increased 0.2 percent as Starbucks Corp. climbed 2.6 percent. Lead and zinc jumped to three-week highs and European Union carbon permits headed for a record weekly decline.
Banks will hand back 137.2 billion euros ($184 billion) of loans in their first early repayment of the ECB’s so-called Longer-Term Refinancing Operations, the central bank said today. That’s more than 84 billion euros economists predicted in a Bloomberg survey. German business confidence rose for a third month in January, according to the Ifo institute’s business climate index. Consumer prices fell for the seventh time in eight months in December, backing Prime Minister Shinzo Abe’s case for aggressive monetary easing to defeat deflation.
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