Wednesday saw the common currency of the European Union strengthen against the U.S. dollar as Spain was believed to be nearing application for a tranche of international bailout aid, Reuters reports.
However, what remains nebulous is when that solicitation will occur. Prime Minister Mariano Rajoy on Tuesday refuted reports that the nation will request bailout aid this weekend. The U.S. Labor Department is set to release its jobs report on Friday, which is likely to impact the market.
"All eyes at the moment are on non-farm payrolls on Friday," currency strategist Peter Kinsella with Commerzbank told the news source. "If we get a reasonably good number that will be risk on across the board and euro will grind higher. So from a short-term trading perspective the strategy should be buy on dips."
Bloomberg reports policy makers with the European Central Bank and the Bank of England are set to conduct their respective meetings on Thursday, which also is likely to impact the value of the 17-nation currency.
The value of the euro has gained 1.6 percent during the past month, Bloomberg reports.
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