Euro Jumps on Bailout for Spain
The euro jumped sharply at the beginning of today’s trading session as Spain is going to receive a rescue from the European Union. The currency weakened after the initial rally, but remained far above the Friday’s close.
Spain asked for €100 billion aid, becoming the fourth European country that asked for a bailout. The Stoxx Europe 600 Index of equities advanced as much 1.8 percent. The euro opened far above the Friday’s closing level, but was retreating after the jump. Still, the currency remains above the last session’s high for now.
EUR/USD was up from 1.2639 to 1.2668, the highest rate since May 23, before trading at 1.2593 as of 9:31 GMT. EUR/JPY traded near 100.16, following the climb from 100.62 to 100.90 — also the highest since May 23.
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