By: Barbara Zigah
Sales by Japanese exporters and institutional investors helped to drive down the Euro against the Japanese Yen in Asian trading today. Market players foresee, however, that the Euro might rebound during the European session and even into next week, following this week’s successful bond sales by several of the Eurozone’s highly indebted nations.
As reported at 2:24 p.m. (JST) in Tokyo, the Euro was trading against the Japanese Yen at 110.16 Yen, off from New York’s late trading of 110.67 Yen.
Some investors also say that the meeting of Eurozone finance ministers next week could help to bolster the common currency, perhaps even to a high of 112.00 Yen, as some resolution, or at the very least a long-term, viable plan to the Eurozone peripheral debt problems, are likely to result.
Against the U.S. Dollar, the Euro also slipped, trading at $1.3338, off from yesterday’s Late New York trading of $1.3364, likely a by-product of the Euro’s slide against the Japanese Yen. Still, market players see some strengthening of the Euro, and predict that it might rise against the greenback, up perhaps to $1.3500 by next week.
The U.S. Dollar Index, which gauges the greenback’s value versus other major currencies, traded at 79.229 .DXY, from the previous New York session of 79.155 .DXY.