Nevertheless, nonetheless, investors remain fearful of the onset of a recession in Europe as a consequence of the sovereign debt scourge thrashing about and hobbling regional banks and public finance systems. The euro lost value to the Japanese yen while also dropping to the Swiss franc after policy makers with the Swiss National Bank agreed to leave the monetary unit's floor intact to confront deflation.
"We had reasonable auction results from Spain, where they sold a lot more paper than expected," senior foreign-exchange strategist Jane Foley with Rabobank International in London told Bloomberg. "We had better-than-expected PMI data, which gave the euro a relief bid earlier."
But some investors were left disappointed by the SNB decision to leave the exchange rate at 1.20 francs, according to Reuters.
A Thursday bond auction in Spain saw a sale in excess of the maximum target of Spanish debt, which also drove the single currency's performance, Bloomberg reports.
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