The euro rose for a third day against the dollar Currency Trading Accounts


The euro rose for a third day against the dollar Currency Trading Accounts on speculation bond purchases by Asian nations will help stem a funding crisis in Europe.

The shared currency gained versus 10 of its 16 major counterparts before a bond auction in Spain tomorrow that may see demand from China, which has expressed interest in buying the nation’s debt.

China has voiced support for Europe, with Vice Premier Li Keqiang last week expressing confidence in Spain’s financial markets and pledging more purchases of that country’s debt.

The euro rose to $1.3004 at 12:58 p.m. in Tokyo from $1.2974 in New York yesterday. It was at 108.10 yen from 107.99 yen. The dollar bought 83.14 yen from 83.24 yen.
The so-called Aussie fell 0.2 percent to 98.54 U.S. cents. It touched 98.04 U.S. cents earlier, the lowest level since Dec. 9. The currency declined to 81.94 yen from 82.17 yen.

Spain will sell up to 3 billion euros ($3.9 billion) of 2016 bonds and Italy will offer as much as 6 billion euros of 2015 and 2026 bonds tomorrow, according to data compiled by Bloomberg.Portugal will sell up to 1.25 billion euros of 2014 and 2020 bonds today.

The euro rebounded yesterday after Japan said it plans to buy bonds issued by the European Union’s financial-aid funds, echoing a pledge by China to help stem the region’s debt crisis. Widening budget gaps and a surge in bond yields forced Greece and Ireland to accept bailouts last year.

The Australian dollar fell to a one-month low against the greenback amid concern worsening floods will slow growth and keep the Reserve Bank from raising interest rates.