Italian Bond Auction Hits the Euro, and the Dollar Surges

Italy's bond auction is a flop, and human currency traders haven't done much better - it's time for your FX Fix.

Yields in an Italian bond auction hit record highs, and the euro is near a seven-week low. [CNBC]

The Dutch finance minister endorsed the idea of the European Central Bank being a lender of last resort to contain the euro zone crisis. [FT]

The turmoil in Europe sent the dollar surging. [WSJ]

Moody's cut Hungary's credit rating to junk after the country requested aid from the European Union and the International Monetary Fund. [fxstreet.com]

Russia's central bank kept interest rates on hold, as expected, but the ruble fell anyway. [CNBC]

So far this year, computers using basic rule-based strategies have done a better job trading currencies than human currency managers, J.P. Morgan says. [WSJ]

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