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Forex - Dollar dips on reports that Spain may request financial aid

ForexSep 21, 2012 03:23PM ET
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Investing.com - The dollar traded lower against most major currencies on Friday after reports surfaced that Spain may be close to requesting bailout assistance from its European neighbors.

The news sparked a risk-on trading session that fueled demand for the euro and other higher-yielding currencies and sent the greenback falling.
 
In U.S. trading on Friday, EUR/USD was up 0.15% at 1.2988.

The Financial Times reported earlier that Spain is moving closer to requesting a sovereign bailout and is currently working out the details with European Union policymakers.

A bailout would allow the European Central Bank to step in and buy Spanish sovereign debt, which would lower borrowing costs in the large European economy.

Yields on Spanish 10-year bonds this year have repeatedly soared above the 7% threshold considered unsustainable by the markets.

Meanwhile, the dollar continued to see downward pressure stemming from the Federal Reserve's recent decision to roll out a third round of bond purchases from banks, a monetary policy tool known as quantitative easing.

The greenback, meanwhile, was down against the pound, with GBP/USD trading up 0.23% at 1.6252.

The dollar was down against the yen, with USD/JPY trading down 0.13% at 78.14, and down against the Swiss franc, with USD/CHF trading down 0.07% at 0.9325.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD trading up 0.03% at 0.9773, AUD/USD up 0.11% at 1.0448 and NZD/USD trading up 0.04% at 0.8293.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.13% at 79.40.







Forex - Dollar dips on reports that Spain may request financial aid
 

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