The single currency Euro rebounded in Asian trading today, despite continuing investor concerns over the Greek debt crisis. Some market players appear inclined to believe that the Euro’s broad decline has reached a turning point, and combined with the U.S. Dollar’s retreat, and whetted risk appetite, helped prop up the Euro against safe-haven currencies.
As reported at 12:57 p.m. (JST) in Tokyo, the Euro was trading at $1.3765, holding steady from yesterday’s sharp gains when it reached a 1-week high of $1.3780 on the EBS trading platform. While there appears to be some resistance around $1.3850, investors suggest that if the Euro peaks higher, then the rebound may accelerate.
Versus the Japanese Yen, the Euro traded at 124.40 Yen, an increase of .2% following yesterday’s 1.5% rise to 124.48 Yen, a 2-week high, on the EBS trading platform.
One forex manager at a major Japanese bank suggested that the Euro may see recovery above $1.3900 during this corrective period. The majority of market players believe, however, that any more bad economic news from Greece will have additional negative impacts on the Euro.
Yesterday, finance ministers from the Euro-zone directed officials from Athens to present to them by March 16th a schedule of the fiscal measures they intend to take this year.
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