The common currency of the European Union continued enduring pressure against the world's reserve currency on Thursday as Spanish ministers and leader Mariano Rajoy convened in Madrid to present newly devised budget reductions, Bloomberg reports.
The 17-nation monetary unit has fallen three consecutive days against the U.S. dollar and eight-straight days against the Japanese yen, the longest string of losses in four months. All eyes are training on Spain's leaders to monitor whether it will request bailout aid for its hobbled banking sector.
"Rajoy may attempt to push through some harsh austerity measures today," foreign-exchange strategist Melinda Burgess with Royal Bank of Scotland Group in London told Bloomberg on Thursday. "Pressure is intensifying on Spain to ask for a bailout and if they took one that would be a positive for the euro."
One trading session after the shared currency fell to its lowest rate since September 12 against the world's reserve currency, the euro lost 0.1 percent against the yen.
The past several days have revealed anew the troubles in the euro zone since Spain has appeared apprehensive about requesting the politically costly bailout, according to Reuters.
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