Forex: EUR/USD soars after Spanish debt auction and approaches 1.2400
Euro pullback from yesterday's high at 1.2355 has found support at 1.2245 low ahead of the European session, and the pair has soared about 150 pips higher, reaching 3-weeks high at 1.2390 area on good demand for Spanish debt.
Spain has managed to sell EUR3.479 billion worth of long-term government bonds on today's auction, which has restored confidence on the Euro area and the European currency.
The focus is now on the results of Spanish banks' stress test, due to be released later on the day, says Valeria Bednarik, collaborator at FXstreet.com: " Market attention is focused in Spain right now, and the stress test of it's banking system to be release shortly; optimism about the results, and the recent strong demand for Spanish bonds is boosting Euro, that approaches to 1.2400."
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