The euro slipped from a seven-week high against the dollar on Wednesday after a disappointing Spanish bond auction and weak euro zone economic data prompted investors to book profits on recent gains. Optimism that Greece will receive more money from its international lenders had buoyed the euro over the past week, but the rally lost steam as worries about Spain resurfaced.

The technical outlook also looked bearish after a break above $1.31. The euro fell 0.2 percent to $1.3074, retreating from a session peak of $1.3126 on Reuters data, the highest since October 18. It was the first fall in the euro against the dollar in six trading sessions. Further chart resistance is located at the October high around $1.3140 and the September high around $1.3170. Against the yen, the euro rose 0.4 percent to 107.67, having risen as high as 107.95 on Reuters data, a 7-1/2 month high. The dollar rose 0.6 percent to 82.39 yen.

Copyright Reuters, 2012