Euro steadies despite eurozone debt turmoil
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Thursday, but remained under pressure in a market riddled with worry over the eurozone's public debt and tough new Spanish and French bond issues. The euro was traded at $1.3457 around 2200 GMT, compared with $1.3451 at the same time Wednesday. The dollar also was steady against the Japanese currency, fetching 76.98 yen compared with 77.05 yen late Wednesday. "The euro has reversed earlier losses but the single currency remains on thin ice as contagion risk remains a real threat," said Jason Ball, a foreign exchange analyst at Wells Fargo Bank. David Song at DailyFX said "the short-term bias for the euro remains bearish, and we may see the EUR/USD ultimately threaten the rebound... as the fundamental outlook for the region turns increasingly bleak." |
NEW YORKGlobal stock markets fell as France and Spain, the second- and fourth-largest economies in the eurozone, faced a sharp spike in borrowing costs.
Spain's treasury had to pay a record 6.975 percent when it raised 3.6 billion euros in a sale of 10-year bonds.
France, the eurozone's second-largest economy, also was forced to pay sharply higher rates to raise 7.0 billion euros in new bond sales.
In late Thursday trade, the dollar stood at 0.9219 Swiss francs, up from 0.9197 francs Wednesday.
But the greenback slipped against the British pound, which was at $1.5751 compared with $1.5722 the prior day.
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