Tuesday saw the common currency of the European Union gain against the world's reserve currency, prompted from 21-day lows by indications about Spain being ready to solicit a tranche of international bailout aid, Reuters reports.
Many investors were selling the euro at higher rates. Moody's Ratings Service was set to release its review of Spain's rating. Once Spain does issue the request, the European Central Bank is expected to acquire Spanish debt as a method of confronting Spain's high borrowing costs.
"From a macro perspective, we would look to short the euro against the dollar into any move higher as there is no growth in the euro zone," adviser Howard Jones with RMG Wealth Management told the news source. "Value in the euro lies in the crosses, especially against the yen given Japan's own problems and against the Australian dollar because we are seeing commodity prices coming off."
European officials said Spain might request bailout aid as soon as this weekend, Reuters reports.
The Wall Street Journal reports Spain's unemployment rate increased 1.7 percent in September from August. The country's jobless rate is climbing toward 25 percent.
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