Wednesday saw the common currency of the European Union gain against the monetary unit of Japan for a fifth consecutive day, propelled higher by speculation about Spain arriving closer to soliciting bailout aid for its troubled banks, according to Bloomberg.
As officials with the European Union prepare to convene Thursday in Brussels for two days of meetings, Spain preserved its investment grade credit rating from Moody's Investors Service, another factor that supported the euro. The Iberian nation's pursuit of a European rescue fund credit line for precautionary purposes would be OK, according to two coalition leaders in Germany, host of the euro zone's largest economy.
"The euro continues to be bought," analyst Kumiko Gervaise with Gaitame.com Research Institute Ltd. in Tokyo told Bloomberg. "The news from Moody's about the Spanish rating is also buoying the euro as it eliminates one of the concerns in Europe."
European Union leaders' meetings in Brussels are likely to expound upon Greece's economic struggles and additional bailout payments the nation is projected to be granted.
The 17-nation monetary unit drove to one-month highs against the world's reserve currency, also as a consequence of Spain nearing the bailout solicitation, Reuters reports.
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