Euro Erases Recent Gains Against Dollar

Euro Erases Recent Gains Against Dollar


The euro that rose to 1.2219 against the US dollar at 5:10 am ET Friday amid the Italian debt auction results erased its gains soon. At present, the euro-dollar pair is worth 1.2200.
Italy raised the maximum amount it targeted from the sale of its new 3-year bond today and at lower cost despite Moody's downgrading the country's credit rating by two notches earlier in the day.
The Italian treasury reportedly raised EUR 3.5 billion of its July 2015 bond or BTP, which was at the top end of the EUR 2.5 billion - EUR 3.5 billion target.
The yield on the bond that carries a 4.5 percent coupon declined to 4.65 percent from 5.30 percent in the previous sale of a security with similar maturity on June 14.


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