Euro Stays Lower Versus Dollar After Italy Sells Five-Year Notes

The euro stayed lower against the yen and dollar after Italian borrowing costs increased as the nation sold 3 billion euros ($4.11 billion) of debt.

The euro dropped 0.7 percent to 105.35 yen at 10:16 a.m. London time, after rising 0.7 percent over the previous two days. The single currency declined 0.4 percent to $1.3704. The yen gained 0.4 percent to 76.91 per dollar.

Italy’s Rome-based Treasury sold notes maturing in September 2016 to yield 6.29 percent, the highest since June 1997 and up from 5.32 percent at the previous auction on Oct. 13.

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