The euro strengthened 0.5 percent versus the yen. The Ifo institute in Munich said its German business climate index held at 114.2 from April, compared with a projected decline to 113.7 in a Bloomberg survey with 24 forecasts.
Portugal's 10-year bond yield rose 11 basis points to 9.76 percent. The extra yield investors demand to hold the country's debt instead of German bunds, Europe's benchmark government securities, increased five basis points to 6.69 percentage points after touching a record 6.81 percent.
The euro rebounded 0.5 percent to $1.4113 after yesterday slumping below $1.40 for the first time in two months. Greek 10- year bonds rose today for the first time in seven sessions, sending the yield down 27 basis points to 16.76 percent. The yield reached a record of more than 17 percent yesterday.
Greece endorsed an asset-sale plan and 6 billion euros ($8.4 billion) of budget cuts to win extra aid, while European Central Bank council member Christian Noyer said a restructuring of Greek debt would be a "horror story."
"The market has been trading not so much euro default risk, but the euro zone's management of the euro solvency crisis," Lena Komileva, global head of G10 strategy at Brown Brothers Harriman & Co., said in an interview with Tom Keene on Bloomberg Television. "I think we are not really seeing the culmination of the crisis, we're seeing probably the transition point where the crisis is becoming more globally significant."