Thursday saw the value of the shared currency of the European Union recover losses to the U.S. dollar, following the previous trading session when the euro's slide to the greenback was the biggest
in at least one year, according to Bloomberg.
The single currency also performed strongly against the Japanese yen, reversing its previous losses. Wednesday saw yields on Italy's 10-year government bonds climb higher than 7 percent. When Greece, Ireland and Portugal's bonds notched that yield level, the nations sought emergency bailout aid.
"We are seeing a combination of bargain hunters stepping in and hopes that we will get some clarity on the Greece and Italian political situation," chief currency analyst Peter Rosenstreich with Swissquote Bank told Bloomberg. "The market has heard a lot of political rhetoric this morning that Italy is fast-tracking a vote on austerity measures."
Wednesday's euro losses touched 2.1 percent, the largest drop since early August 2010.
As the Bank of England works on deciding what to do with its interest rates, Dow Jones Newswires reports the value of the British pound and the Australian dollar dropped.
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