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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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15 yr fixed3.18%3.16%
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Index Last Change % Change
Dow 19,170.42 -21.51 -0.11%
Nasdaq 5,255.65 4.55 0.09%
S&P 500 2,191.95 0.87 0.04%
Treasuries 2.39 -0.05 -2.09%
Data as of 11:58pm ET
Company Price Change % Change
Bank of America Corp... 21.23 -0.27 -1.26%
Chesapeake Energy Co... 7.23 0.18 2.55%
Ford Motor Co 12.24 -0.19 -1.53%
Freeport-McMoRan Inc... 15.42 0.39 2.59%
Cisco Systems Inc 29.25 -0.20 -0.68%
Data as of Dec 2

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