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The euro fell as Spain’s borrowing costs rose at an auction, stoking concern that the region’s financial contagion is spreading from Greece.
Spain sold bonds due in January 2015 at an average yield of 4.375%, compared with 2.89% when they were last auctioned in April. Investors bought bonds maturing in July 2015 at 4.876%, compared with 4.037% on May 3 and bonds due April 2016 at 5.106%.
Borrowing costs in Europe’s most-indebted nations are rising amid speculation that Greece will leave the 17-nation euro area as political parties opposed to the terms of two international bailouts polled strongly in inconclusive May 6 elections. A fresh vote has been set for June 17.
EUR/USD: the pair decreased below $1,2700.
GBP/USD: the pair fell in $1,5830 area.
USD/JPY: the pair was limited Y80,15-Y80,40.
At 1400GMT by US leading indicators and the Philadelphia Fed survey.
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