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May 1, 2017

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Euro strong in Asian trade after poor day

TOKYO -- The euro rebounded in Asian trade on Tuesday after worries about Greece and Spain dragged the unit lower a day earlier, while the dollar inched up against the yen.

The European currency bought US$1.2983 and 101.79 yen against US$1.2967 and 101.57 yen in New York late Monday, while the dollar was at 78.41 yen compared with 78.31 yen.

New eurozone concerns emerged as German Chancellor Angela Merkel headed to Athens for talks on Tuesday amid warnings over Greece's public coffers running dangerously low.

Markets also fretted over debt-riddled Spain's reluctance to formally request a bailout, despite its troubled finance.

"You can't be piling up euro long positions when the situation with Spain is still up in the air," said Daisuke Karakama, market economist and vice president of foreign exchange sales at Mizuho Corporate Bank in Tokyo.

The 500-billion-euro European Stability Mechanism, the eurozone's permanent bailout fund, was officially launched on Monday, but that largely failed to calm concerns over the single currency.

The U.S. dollar was mixed against other Asia-Pacific currencies, rising to 52.43 Indian rupees from 52.20 rupees on Monday and to 9,597 Indonesian rupiah from 9,582 rupiah.

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