June 18 (Bloomberg) -- The euro rose, heading for its largest weekly advance against the dollar in a year, as concerns eased that Europe’s debt crisis will worsen.
Europe’s currency approached a three-week high versus the greenback as increased demand at a Spanish bond auction yesterday spurred optimism the 16 nations in the region can raise sufficient funds to meet borrowing needs. The yen gained for a fifth day versus the dollar after Japanese Prime Minister Naoto Kan pledged to cut the world’s largest public debt, saying failure to do so may undermine the country’s sovereignty.
