Euro Gains on Speculation Leaders Acting to Solve Crisis
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The euro strengthened against all of its most-traded counterparts as German Chancellor Angela Merkel reiterated her commitment to working with the European Central Bank to resolve the region’s financial turmoil.
The shared currency gained earlier after Medley Global Advisors said Spain will request a bailout that will allow the ECB to buy the nation’s debt to help reduce surging borrowing costs. The greenback climbed for a fourth day against the yen as Treasury yields at three-month highs boosted the allure of U.S. dollar-denominated assets. The pound strengthened against most of its major peers after U.K. retail sales unexpectedly increased last month.