Italian Auction Soothes Fears, Euro Gains; Bank of England Holds Rates

A better-than-expected Italian bond auction eased concerns that the country with the world’s third largest debt burden will be able to fund itself, at least in the short-term. The Euro has responded positively, unwinding nearly a quarter of yesterday’s losses. Meanwhile, the Bank of England held its key rate on hold as it determines whether or not more quantitative easing is needed.

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