Euro holds firm amid investor caution
Friday, 14 May 2010
TOKYO, May 13 (AFP): The euro edged up against other currencies in Asia today as sentiment was lifted by signs eurozone nations were taking steps to reduce their debts, dealers said.
The single currency was changing hands at 1.2657 dollars in Tokyo afternoon trade, up from 1.2615 dollars in New York late Wednesday, and at 117.95 yen, up from 117.63 yen. The dollar was unchanged at 93.18 yen.
"The market is in a wait-and-see mode," said Hachijuni Bank dealer Yoshifumi Suzuki.
Fears that the eurozone crisis could derail a global recovery eased after Spain announced deep cuts to public sector salaries and Brussels sought unprecedented powers to scrutinise budgets.
Greece also received a much-needed first dose of 5.5 billion euros from the IMF under a 110-billion-euro bailout loan agreed with the Fund and EU in exchange for harsh austerity cuts.
But despite the European Union and IMF's trillion-dollar rescue scheme aimed at shoring up weak eurozone economies, questions over its implementation remain as nations look to tackle budgets.
The single currency was changing hands at 1.2657 dollars in Tokyo afternoon trade, up from 1.2615 dollars in New York late Wednesday, and at 117.95 yen, up from 117.63 yen. The dollar was unchanged at 93.18 yen.
"The market is in a wait-and-see mode," said Hachijuni Bank dealer Yoshifumi Suzuki.
Fears that the eurozone crisis could derail a global recovery eased after Spain announced deep cuts to public sector salaries and Brussels sought unprecedented powers to scrutinise budgets.
Greece also received a much-needed first dose of 5.5 billion euros from the IMF under a 110-billion-euro bailout loan agreed with the Fund and EU in exchange for harsh austerity cuts.
But despite the European Union and IMF's trillion-dollar rescue scheme aimed at shoring up weak eurozone economies, questions over its implementation remain as nations look to tackle budgets.