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Euro briefly hits 1-month high of 101.42 in N.Y.

NEW YORK, June 20 Kyodo

The euro briefly hit 101.42 yen Wednesday in New York, its highest against the Japanese currency in about a month, as concern over Europe's debt crisis eased.

At 5 p.m., the euro was quoted at 101.02-12 yen and $1.2703-2713 against 99.90-94 yen and $1.2671-2672 yen at 5 p.m. Wednesday in Tokyo. The U.S. dollar traded at 79.49-59 yen, up from 78.84-85 yen late Wednesday in Tokyo.

Investors unloaded the yen, deemed relatively safe, for the euro and dollar amid receding fears about the eurozone debt crisis against the backdrop of a concept of "banking union" designed to integrate deposit insurance schemes and other safety nets to stabilize Europe's banking system, dealers said.

The single European currency also drew buying on reports that German Chancellor Angela Merkel has shown flexibility to let Europe's bailout funds, including the European Financial Stability Facility, buy sovereign bonds of financially-troubled nations, they said.

The foreign exchange market reacted little to the outcome of a two-day meeting of the U.S. Federal Reserve's policy-setting Federal Open Market Committee, which was within market expectations, they added.
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Publication:Japan Weekly Monitor
Date:Jun 25, 2012
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