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FXstreet.com (Córdoba) - The US dollar is little changed against most of the major foreign currencies today as a consolidative tone emerges pending fresh developments, according to BBH analyst team. "The euro made a marginal 2-year low in early Asia, but narrow ranges have prevailed and the euro has traded in a little more than a quarter cent range in Europe, mostly below $1.23".

Stress in peripheral debt markets continues with Spanish 10-year yields still flirting with the 7% threshold, while Italy moves through the 6% level, say the analysts.

"Two fears continue to dominate investor concerns: global growth slowdown and the European debt crisis. Neither can be expected to ease in the week ahead", they add. "The economic data from Europe and the US will not have the gravitas and the China's data is expected to show, as Premier Wen suggested in a weekend interview, that downward pressures on the economy are still relatively large, even though the slowdown is stabilizing. Nor will the European finance ministers do more than talk and negotiate, with an agreement on aid for Spanish banks and Cyprus still a couple of weeks away".

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