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June 25, 2017

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Euro puts in mixed performance in Asia

TOKYO--The euro was mixed in Asian trade on Monday after Spanish Prime Minister Mariano Rajoy's right-leaning party retained power in his home region despite questions about Madrid's ability to fix its finances.

The single currency bought US$1.3037 and 103.46 yen in Tokyo, against US$1.3067 and 103.31 yen in New York late Friday.

The dollar was almost flat at 79.32 yen, despite worse-than-expected Japanese trade figures as investors look to a U.S. Federal Reserve meeting later this week.

The Popular Party's win on Sunday in Galicia means Rajoy has avoided political humiliation in a traditional stronghold, which would have undermined his standing as he tries to convince markets that he can fix Spain's finances.

The win in the regional election will make it easier for Rajoy's party to tap the eurozone's new permanent bailout fund, "and will be a factor to support the euro," said Masafumi Yamamoto, chief currency strategist at Barclays Capital.

The dollar gained on the euro on Friday after EU leaders decided to delay eurozone bank supervision until next year as markets continue to search for a comprehensive fix for the region's woes.

Markets will be eyeing any shift in the U.S. central bank's outlook after this week's Fed meeting, as the world's biggest economy has shown signs of a rebound.

On Monday, Japan posted its worst September trade figures in more than three decades, with a monthly trade deficit of 558.6 billion yen.

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