The euro reversed gains on waning optimism that the victory of a pro-bailout party in Greek elections over the weekend would ease Europe’s debt crisis.
The euro weakened as Spanish 10-year bond yields rose above 7%, adding to concern the region’s economic turmoil was spreading to the currency bloc’s largest economies.
Spanish 10-year yields rose as much as 27 basis points to 7.14%. Greece, Ireland and Portugal sought bailouts when their benchmark borrowing costs topped 7%.
Leaders from the Group of 20 richest nations gathered in Mexico to discuss measures to bolster the global economy.
G-20 leaders, meeting in Los Cabos, Mexico, are due to discuss a mix of measures to secure the global recovery that will include deficit reduction for some countries and pledges for additional stimulus by others with sounder finances, a Canadian official said.
EUR/USD: during European session the pair continued to decrease, reached $1.2620 area.
GBP/USD: the pair decreased in $1,5650 area.
USD/JPY: the pair was limited Y78,90-Y79,30.
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