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.