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May 27, 2017

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Euro falls in Asia on back of Spain worries

TOKYO--The euro fell against other currencies in Asia on Monday as investors shunned risk amid worries over Spain's debt problems and a possible sovereign rating cut to junk.

The single currency was changing hands at US$1.2825 and 99.84 yen in Tokyo afternoon trade, down from US$1.2856 and 100.12 yen in New York late Friday.

The U.S. dollar was at 77.87 yen against 77.88 yen as investors shrugged off a Bank of Japan survey that showed confidence among large Japanese manufacturers worsened in the quarter ending September, in line with market expectations.

The euro is weaker "in a downbeat take as far as Spain goes," ANZ senior dealer Alex Sinton told Dow Jones Newswires.

"The issues are not going away (in Europe)," he added.

The U.S. dollar gained ground against other Asia-Pacific currencies, rising to 52.90 Indian rupees from 52.67 rupees on Friday, to 1,115.25 South Korea won from 1,111.10 won and to 41.83 Philippine pesos from 41.76 pesos.

The U.S. dollar also increased to S$1.2307 from S$1.2243, to 9,593 Indonesian rupiah from 9,571 rupiah and to 30.84 Thai baht and NT$30.80.

China's yuan changed hands at 12.39 yen against 12.28 yen while the Australian dollar fell to US$1.0342 from US$1.0463.

After four years fighting the markets and a mushrooming economic crisis, Spain appears finally poised to cave in and apply for a sovereign bailout.

Major ratings agency Moody's is expected to announce the result of its review of Spain's credit rating soon, with a downgrade possible.

Market reactions were muted to Prime Minister Yoshihiko Noda appointing 65-year-old lawmaker Koriki Jojima as the new finance minister, replacing Jun Azumi in a cabinet reshuffle Monday.

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