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The euro edged close to the session high of $1.2956, reaching $1.2955 on news about Spain. The euro last traded at $1.2928, down 0.1 percent on the day, according to Reuters data.
The International Monetary Fund said important progress is being made in reforming Spain's financial sector.
The IMF also said Spain's financial market conditions have improved since the ECB agreed to an unlimited bond-buying program for nations that ask for a bailout but conditions remain fragile.
Spain is on track to correct the problems in its financial sector, but needs more decisive action to deal with challenges facing some banks, the European Central Bank and the European Commission said in a joint statement.