After touching multiyear high, euro fizzles in Asia
AFPTOKYO--The euro's rally to multiyear highs came to a halt in Asian trade on Monday ahead of a European Central Bank policy meeting and after France's finance minister said the unit may be overheating.
February 5, 2013, 12:14 am TWN
The single currency weakened to US$1.3626 and 126.26 yen from US$1.3637 and 126.60 yen in New York trading on Friday.
The U.S. dollar was down at 92.65 yen against 92.80 yen in U.S. trade, hardly moving after Japan's finance minister said that ending the yen's long-running uptrend remained a top priority for the new conservative government.
“The most important task for this Cabinet is to overcome the yen's protracted strength and deflation, expand employment and income, and bring back a strong Japanese economy,” Taro Aso said in parliament.
The U.S. dollar-yen rate may swing higher on speculation over the Japanese government's nominee to head the Bank of Japan, with current Governor Masaaki Shirakawa due to end his term in April, dealers said.