Euro Gains for Third Day on US Dollar

The euro rose today, gaining for the third straight consecutive session on the US dollar, amid the news that Italy decided to rescue its third-largest bank.

Italian cabinet approved a bailout for Monte dei Paschi di Siena, fearing that its downfall may spillover on the rest of the banking sector. As for today’s economic data, the GfK Consumer Climate for Germany showed a reading of 9.9 for January, little changed from the December’s figure of 9.8. France’s household spending rose 0.4% in November, exceeding the analysts’ median estimate of 0.1% growth.

EUR/USD ticked up from 1.0437 to 1.0450 as of 10:34 GMT today. EUR/CHF gained from 1.0704 to 1.0719.

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