Bloomberg News

Euro Strengthens Against Dollar After Italy Auction; Yen Weakens

February 14, 2012

Feb. 14 (Bloomberg) -- The euro strengthened against the dollar after Italy sold the maximum amount at a bond auction, with borrowing costs falling to the lowest since March.

The 17-nation currency appreciated 0.2 percent to $1.3210 at 10:28 a.m. London time, and climbed 0.7 percent versus the yen to 103.05.

The Italian Treasury sold 4 billion euros ($5.3 billion) of benchmark securities due in November 2014 to yield 3.41 percent, down from 4.83 percent at the last auction of similar-maturity bonds on Jan. 13.

The yen weakened 0.6 percent against the dollar to 78.02 after Japan’s central bank unexpectedly added 10 trillion yen ($128 billion) to an asset-purchase program and set an inflation goal.

To contact the reporter on this story: Anchalee Worrachate in London at aworrachate@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net


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