RTTN:Euro Steady After Climbing On Spanish Bailout
(RTTNews) - The euro held steady against some major currencies after surging up in early Asian on Monday in response to eurozone finance minister's agreement to offer up to EUR100 billion to Spain to stabilize its banking system.
The finance ministers of the 17 European countries released a statement on Saturday following a conference call saying that Spain will "shortly" make a formal request to receive up to 100 billion euros from its eurozone partners through their rescue mechanisms.
The euro that ended Friday's trading at 1.2500 against the dollar gained 1.4 percent in early Asian deals today and hit a 19-day high of 1.2670 at 6:05 pm ET. Then the euro-dollar pair lost few pips and held steady. At present, the pair is worth 1.2633.
The euro followed a similar trend against the yen, with the pair now trading at 100.63, compared to a 19-day high of 100.92 hit at 6:05 pm ET.
The euro that reached an 11-day high of 1.2022 against the franc at 5:30 pm ET is currently worth 1.2018.
Against the pound, the euro pulled back after hitting near a 6-week high of 0.8159 at 5:30 pm ET. As of now, the euro-pound pair is worth 0.8124.
Looking ahead, Japan's consumer confidence index for May is due at 1 am ET.
French industrial production for April and Italy's first quarter final GDP are expected in the European session.
There are no major economic reports due from the U.S. today.
