Euro holds near 3-week high versus dollar

The euro held near a three-week high against the U.S. dollar on Friday, heading for its biggest weekly gain in more than a year as results of Spain's bond auctions eased worries about the European debt crisis.

But the dollar appeared increasingly vulnerable to further losses after falling below a key chart level.

The euro steadied around $1.24 after a solid Spanish government bond auction on Thursday eased concerns about the country's public finances and investors unwound the large short positions accumulated during the currency's sell-off in recent months.

The dollar slipped, especially against the Japanese yen, after disappointing U.S. economic data this week prompted investors to scale back expectations of a U.S. Federal Reserve interest rate rise.

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- Posted: 2010-06-18 10:02:17

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