Monday, August 22, 2011

Euro remains under selling pressure in Asia

TOKYO: The euro faced continued selling pressure in Asia on Friday as a tumbling global stock market continued to erode risk appetite and push the European single currency down, dealers said.
The euro fell to $1.4312 in Tokyo morning trade from $1.4337 in New York late Thursday.Against the Japanese yen, the euro stood at 109.65 yen, unchanged from New York but down from 110.26 yen late Thursday in Tokyo.

Despite moves to stall its rise by the Swiss central bank, the Swiss franc strengthened to 1.1381 francs per euro, compared with 1.1464 francs late Thursday in Tokyo.But it fell to 0.7953 against the dollar from 0.7936.

"In general, players are avoiding taking unnecessary risks," said Sumino Kamei, senior analyst at the Bank of Tokyo-Mitsubishi UFJ. "I don't see any reasons for supporting the euro above $1.45 now."

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