The Euro dropped from a 7-week high against the US Dollar during trading on Wednesday after poor Spanish bond auction and weak Euro Zone economic data pushed investors to take profit on their recent gains.
The Euro had been buoyed by optimism that Greece will continue to receive money from international lenders over the last week but it all fell apart when worries about Spain resurfaced.
The Euro area's GDP has likely dropped 0.1% in the third quarter from the previous three-month period, which would then confirm data from November, that showed that the Euro bloc fell into a recession for the second time in four years.
The Euro was down 0.1% to $1.3055 earlier today and traded at 107.71 Yen. The Yen was at 82.51 per Dollar.
The Yen remained lower versus the Dollar as Japan's government has been pressuring the Bank of Japan (BOJ) for more monetary stimulus.
Meanwhile, analysts expect that an upcoming change of government in Japan later this month and prospects of unlimited monetary easing will only weaken the Yen, and it may go on to feel these effects well into the new year.
The Euro had been buoyed by optimism that Greece will continue to receive money from international lenders over the last week but it all fell apart when worries about Spain resurfaced.
The Euro area's GDP has likely dropped 0.1% in the third quarter from the previous three-month period, which would then confirm data from November, that showed that the Euro bloc fell into a recession for the second time in four years.
The Euro was down 0.1% to $1.3055 earlier today and traded at 107.71 Yen. The Yen was at 82.51 per Dollar.
The Yen remained lower versus the Dollar as Japan's government has been pressuring the Bank of Japan (BOJ) for more monetary stimulus.
Meanwhile, analysts expect that an upcoming change of government in Japan later this month and prospects of unlimited monetary easing will only weaken the Yen, and it may go on to feel these effects well into the new year.
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