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Forex & Comodity |
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| Euro holds steady amid eased worries over Europe |
| TOKYO: The euro held steady against other major currencies in Asia on Friday as investor confidence improved after successful bond auctions by debt-ridden Italy and Spain.
The euro bought $1.2819 and 98.39 yen in midday Tokyo, compared with $1.2816 and 98.38 yen in New York late Thursday.
The dollar was at 76.73 yen in Tokyo morning trade, also unchanged from New York.
Currency rates hardly changed after Japan's Prime Minister Yoshihiko Noda reshuffled his cabinet. Noda replaced five ministers but heavyweight posts including foreign affairs, finance and trade were not changed.
The euro rose overnight, boosted by assurances from the European Central Bank and confidence-building successful Italian and Spanish bond auctions.
The euro remains biased to the downside but a recovery to $1.30 could not be ruled out if credit rating agencies decide not to downgrade France's sovereign debt rating, said a senior forex manager at a Japanese bank.
It would be "not surprising to see the pair recover to 1.3000 next week or so", he told Dow Jones Newswires.
France is seen as a candidate to lose its triple-A credit rating and such a move would put the eurozone rescue fund's firepower in doubt, which could weaken the single currency.
At its first policy-setting meeting of this year, the ECB held its main interest rate steady at 1.0 percent, as expected, following two straight months of cuts. (AFP) |
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Pakistan Rupee Exchange Rate