Monday saw the shared currency of the European Union become firmer against the world's reserve currency as conjecture swirled about Spain preparing to request bailout assistance for its struggling banking system, Reuters reports.
Analysts, investors and traders are keeping a close eye on officials in Madrid for indications as to when the nation will request the bailout aid. The European Union is scheduled to convene a summit later this week and euro zone officials said Spain's request for aid might come as soon as next month. The European Central Bank noted last month that it will purchase bonds of nations that request bailout aid.
"Economic data from Europe are weak and continue to weigh on the euro," senior managing director Marito Ueda with FX Prime Corporation in Tokyo told Bloomberg. "There are hopes Spain will request aid, but that is yet to be decided."
The Iberian nation and two-time bailout recipient Greece are forecast to be the focal point of conversation when the EU gathers this week.
Worries about growth prospects in the 17-nation bloc are tempering the monetary unit's performance on Monday, according to Bloomberg.
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