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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Euro feels pinch of Spanish bond yield gains

Apr 11, 2012 10:48 AM

Preoccupations about euro zone nations' struggles with the sovereign debt scourge tempered gains for the common currency of the European Union on Wednesday against the U.S. dollar, Reuters reports.

Spanish 10-year bond yields are hovering about 6 percent, prompting analysts to believe the euro is slated to barrel  toward further challenges while the sovereign debt crisis continues attacking banks, markets and public finance systems in the region. Germany, owner of the euro zone's largest economic system, saw its bond auction deliver less-than-stellar results.

"I will use small gains (in the 17-nation euro) to get better levels to sell," currency strategy head Jeremy Stretch with CIBC told Reuters. "If Spanish yields go back above 6 percent then it would favor a break-out of the range to the downside."

Analysts are increasingly concerned about the progressive rise in bond yields in Spain, which is amplified all the more in the fallout of the March jobs report in the U.S. Analysts were disappointed with the lower-than-expected amount of jobs that were created.

The Wall Street Journal reports the Japanese yen is gaining in value as investors concerned about increasing Spanish bond yields seek a safe haven.

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