Euro rises as concern cools

By Julianne Pepitone, staff reporter


NEW YORK (CNNMoney.com) -- The euro pared gains against the dollar Thursday, as debt concerns sparked in the previous session abated after Spain held a strong bond auction.

What prices are doing: The dollar fell 0.2% against the euro to $1.2389, and it also lost about 0.2% on the British pound to $1.4818.

dollar_vs_euro.png
Click the chart for current foreign exchange rates.

The greenback dropped 0.5% against the Japanese yen at ¥91.98.

What's moving the market: On Wednesday, a report in Spanish newspaper El Economista that said the International Monetary Fund, the European Union and the U.S. Treasury are preparing a $308 billion bailout for debt-strapped Spain.

The rumor refueled worries about Europe's fiscal crisis, but the report was later denied.

What analysts are saying: Investors were cheered further when Spain announced that its sale of 10-year and 30-year bonds had been met with ample demand.

But the sovereign debt problems facing many European economies remains a concern, notes Camilla Sutton, a currency strategist at Scotia Capital.

"The Spanish debt auction was strong, easing some fears," she said. "However we still find the elevated Southern European yields concerning." To top of page

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