Thursday saw the common currency of the European Union climb against the world's reserve currency in the aftermath of Spain conducting a strong debt auction, selling more than maximum targets during the first auction of the year, according to Bloomberg.
Following three trading sessions of losses, the euro also rose in value against the Japanese yen, driving toward its 18-month high. Another factor that benefited the euro was the European Central Bank deciding against cutting interest rates as indications mounted that the sovereign debt crisis has been less damaging. But Luxembourg Prime Minister Jean-Claude Juncker, who has spearheaded a group of euro-region finance ministers since 2005, said more work on the debt scourge remains.
"The worst probably is over, but what we still have to do is difficult," the leader told a European parliament committee in Brussels on Thursday, Bloomberg reports.
The past month has seen the 17-nation monetary unit climb 0.9 percent, the news source reports, noting the yen has lost 7.8 percent of its value while the U.S. dollar has fallen 0.6 percent.
But the central bank of Europe still may implement interest rate cuts up the road, according to Reuters.
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