The euro rallied against the dollar on Thursday in volatile trading, snapping two days of losses, with the single currency boosted by institutional buying to adjust short positions following generally solid Spanish bond auctions this week. News that the International Monetary Fund has secured commitments of about $320 billion in funding to help shield member economies from the debt crisis in Europe also supported the euro, some analysts said.
In mid-afternoon trading, the euro rose 0.1 percent to $1.3135 after earlier hitting a session low of $1.3068 with the session peak at $1.3164. Against the yen, the euro climbed 0.4 percent to 107.04 yen. The dollar rose 0.3 percent to 81.50 yen, with traders citing flows related to the launch of a large investment trust by a Japanese investment bank.
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