Euro rises

After the whole Greece debacle, the value of the euro has plummeted. Now, the euro has climbed to a three week high against the dollar. The reason?

Spain has successfully auctioned off some of its debt.

The euro hit $1.2412. The euro was helped by European equities, which advanced for a seventh straight session.

The euro has regained more than 5 cents from a four-year low of $1.1876 set on EBS last week, though it remains more than 13 percent lower year-to-date.

European Union leaders are attempting to strengthen budget discipline and economic policy coordination. While critics believe Spain’s auction was only a temporary fix, perhaps the upward trend can continue.

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Posted on June 17, 2010, in Global Biz and tagged , , , , , . Bookmark the permalink. Leave a comment.

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