Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

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

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.40%3.39%
15 yr fixed2.68%2.67%
5/1 ARM2.89%2.84%
30 yr refi3.42%3.41%
15 yr refi2.69%2.69%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 18,400.88 -53.42 -0.29%
Nasdaq 5,213.22 -9.77 -0.19%
S&P 500 2,170.95 -5.17 -0.24%
Treasuries 1.57 -0.00 -0.13%
Data as of 10:47pm ET
Company Price Change % Change
Bank of America Corp... 16.14 0.03 0.16%
EMC Corp 28.99 0.00 0.00%
Chesapeake Energy Co... 6.35 -0.16 -2.46%
General Electric Co 31.24 -0.13 -0.41%
Freeport-McMoRan Inc... 10.29 -0.27 -2.56%
Data as of 4:02pm ET

Sections

Martin Shkreli, the reviled drug company CEO who faces federal criminal charges, nearly doubled his $3 million investment in KaloBios. More

Brazil's economy contracted 3.8% in the second quarter. The economic news came hours before Brazil's senate impeached President Dilma Rousseff. More

Instagram introduced a zoom functionality on Wednesday to iOS users. It'll roll out to Android users in the coming weeks. More

The country's most expensive housing markets have appreciated at a much faster clip than homes in the least expensive markets, according to Trulia. More