The value of the common currency of the European Union increased Friday against the U.S. dollar in the aftermath of Spain releasing its budget late on Thursday, according to Reuters.
The embattled monetary unit advanced from its two-week low against the world's reserve currency as the newly released budget very strongly implies that Spain is on the brink of requesting international bailout aid for its troubled banks.
"The better tone of the euro-dollar this morning appears to demonstrate the view that Spain has taken a large step towards preparing itself for a bailout request," currency strategist Jane Foley with Rabobank told The Financial Times.
Friday marks the final trading day of the third quarter of 2012, and the euro is en route to achieving gains of more than 2 percent against the U.S. dollar during that time period. Conjecture about the central bank of Europe moving forward with the purchase of debt from Spain is largely accountable for the euro's gains this quarter.
Another budget release bound to capture rapt attention is that of France, The Financial Times reports. The new budget is likely to include the country's growth report.
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