Euro holds firm on Italian bond auction
Currencies Direct February 28th 2013 - < 1 minute read
The euro came up off its recent lows against the
dollar and yen in
foreign currency trading following a successful auction of
Italian government bonds.
Strong investor appetite for ten-year Italian debt offset fears
that political uncertainty in the country could destabilise
Europe’s second-biggest sovereign debt market.
After falling nearly one per cent on Monday, the euro was
trading up against the dollar at 1.3078 USD on Wednesday, though it
retreated from a session high of 1.3122 USD.
It held firm above Tuesday’s low of 1.3017 USD, the weakest
since January 7th, though analysts predict further losses.
The euro also found strength against the yen, rising 0.2 per
cent on the day to 121.40 JPY as it recovers from from a five-week
low of 120.20 JPY on Monday.
Meanwhile, the yen fell against the dollar in Thursday’s Asian
trading on the announcement by prime minister Shinzo Abe that Asian
Development Bank president Haruhiko Kuroda is to be the next Bank
of Japan governor.
USD/JPY rose 0.16 per cent to 92.39, though this was still short
of Tuesday’s high of 92.74.
Written by
Currencies Direct