Bloomberg News

Euro Weakens After Demand Declines at Spanish Debt Auction

July 19, 2012

The euro dropped for a second day versus the yen after demand declined at a Spanish debt sale, adding to concern the region’s financial turmoil is worsening.

The common currency fell against all except one of its 16 major counterparts after the Bank of Spain said demand for the two-year notes it sold slipped to 1.9 times the amount offered from 4.26 last month. The bid-to-cover for the five-year securities dropped to 2.06 times from 3.44 in June.

The euro depreciated 0.3 percent to 96.50 yen at 9:56 a.m. in London after sliding 0.4 percent yesterday. The single currency dropped 0.1 percent to $1.2273. The yen gained 0.2 percent to 78.63 per dollar.

To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net

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


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