Concerns about the sovereign debt scourge deepening pulled down the value of the shared currency of the European Union on Friday, Bloomberg reports.
Economic data released about Spain indicated the nation's reliance on European Central Bank loan money increased 50 percent last month. The euro was pushing toward a second-straight week of losses against the Japanese yen.
"This (latest data) is starting to put spreads under a little bit of pressure," senior currency strategist Lauren Rosborough with Societe Generale told Reuters."There's no new news but on the lack of other information and data the market is drifting in one direction."
The monetary unit's losses mark the first in the past three days as the European Central Bank is likely to resume purchasing bonds as a method of deterring damages caused by the sovereign debt crisis.
Yields on both Spanish and Italian bonds were on the increase on Friday as both nations are flashpoints as to where the sovereign debt crisis may next extend its drive. Ireland, Portugal and Greece each have accepted bailout aid as consequences of damage caused by the sovereign debt crisis during the past two-plus years.
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