Euro bounces from multi-month lows as fears abate

The euro rose against the dollar for the first time in nine sessions on Thursday, rebounding from its recent 3-1/2-month low as stress in Spanish debt markets eased slightly and after Greece secured funds
needed for bond repayments.

The tempering of the threat of a Greek insolvency and the country's possible euro exit also had the single currency rebounding from a mid-February low against the Japanese yen.

Greece averted an imminent funding crisis after the board of the European Financial Stability Facility agreed to release a scheduled payment. The allocation allows the country to meet near term bond redemptions, helping the euro stabilize after an eight day sell off.

Read Full Article from Reuters

- Posted: 2012-05-10 10:08:40

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