Single Currency recovers as Euro Bonds Stabilize

The euro recovered on Thursday as the investors were optimistic on stabilization of euro bond yields. The yield on the Italian 10-year government bond fell back to 6.81 percent from 7 percent in reaction to which the euro touched its intraday high of 1.3540.

However, the Spanish government‘s 10-year bond still traded above the yield of 7 percent. The euro fell to 1.3458 against the US dollar on Thursday as compared to 1.3466 on Wednesday’s late trading hours.

The dollar index DXY which measures the US dollar’s performance against its major six rival currencies jumped to 78.298 on Thursday as compared to 78.261 on Wednesday’s North American trading session. The US dollar appreciated in reaction to positive jobs data. As per US labor department US jobless claims declined 5,000 to 388,000 for the week. The fall also happens to be biggest reduction since last seven months.

However, positive US economic data didn’t had much impact on stock markets as the as the Dow Jones Industrial Average fell 1.13 percent or 134.86 points to 11,770.73. Standard & Poor’s 500 index declined 1.68 percent or 20.78 points to 1,216.13 while NASDAQ composite plunged 1.96 percent or 51.26 points to 2,587.99 for the day.

The British Pound gained versus the US dollar to 1.5751 on Thursday as compared to 1.5730 on late Wednesday. Against the Japanese yen, the US dollar fell to 76.97 on Thursday as compared to 77.04 on Wednesday’s late trading hours.

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