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Spain sees yields drop at auction

FXstreet.com (Barcelona) - Spain sold 4.513 billion euros of bonds on Thursday, beating the targeted 3-4 billion and cutting its borrowing costs on 10-year, 5-year and 2-year paper.

The Spanish Treasury managed to sell 2.33 billion euros of bonds maturing in 2023, 1.03 billion of bonds maturing in 2018 and 1.16 billion of bonds maturing in 2015.

The average yield on the 10-year bill was 4.898%, down from 4.917% seen at the previous auction. On the 5-year paper it fell to 3.557% from 3.572% and on the 2-year bonds it dropped to 2.275% from 2.632%.

Forex: EUR/USD back around 1.2900

The single currency is trading back to the area of 1.2900 on Thursday after a failed attempt to break above 1.2920 on disappointing PMI figures from the euro area...
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