european bond yields fell and the region’s single currency climbed on wednesday as the european central bank announced it would hold an emergency meeting to “discuss current market conditions” the governing council’s an “adhoc” meeting comes the same day that the federal reserve will announce a policy decision with many expecting an interest rate hike of 75 basis points expected to be front and center of the ecb’s discussions are soaring costs of borrowing in europe notably since the central bank announced at its recent june gathering that its key interest rate would rise 25 basis points in july and possibly 50 basis points in september the yield on italy’s 10year government bond tmbmkit10y tumbled 26 basis points to 3908 on wednesday but that’s against a surge that has taken it from 1195 at the start of the year the yield on germany’s 10year bund tmbmkde10y slipped 1 basis point to 174 from around 005 at the start of the year the euro eurusd surged 06 to 10479 though the single currency has lost 23 so far this year