Euro surges against dollar today with the help of successful bond auction in Spain and France. Spain treasury sold all EUR 3b 15 year bonds, also known as obligacion, receiving a total of EUR 7.722b bids comparing to bid-to-cover ration of 1.79 in April.

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Mid-Day Report: Euro Soars on Successful Spain Bond Auction, Jobless Claims Improved Significantly

The moribund nature of yesterday’s Asian session extended into the early overnight session with risk currencies lacking the ability to press higher and equity markets placid. EURUSD held close to the 1.27 mark with a slight dip later in the session on (unfounded) rumours of a Spain downgrade by Fitch.

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Risk Currencies Poised But Failing To Break New Highs

The Greek sovereign debt crisis has grabbed global headlines over recent weeks, and has prompted the market to scrutinize other European sovereign debt situations more closely, especially those of Portugal, Spain, Ireland and Italy. Hungarian debt, too, has been a focus of attention

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Greek Lessons for the United States