Forex - EUR/JPY slides to daily low as debt uncertainty weighs
Investing.com
Published May 11, 2011 08:51AM ET
EUR/JPY hit 115.93 during European afternoon trade, the daily low; the pair subsequently consolidated at 116.19, sliding 0.18%.
The pair was likely to find support at 114.78, Tuesday’s low and a six-week low and resistance at 117.58, the high of May 6.
Earlier in the day, the German deputy finance minister said that euro zone officials will debate Greece's debt crisis next week but no decision will be taken. He added the sovereign debt crisis in some European countries was not a crisis of the euro.
Meanwhile, French Finance Minister Christine Lagarde said that it was hard to see Greece returning to debt markets in 2012, adding that Europe would have to keep financing countries in difficulty to avoid a costly restructuring.
The euro was also slightly lower against the Swiss franc, with EUR/CHF shedding 0.27% to hit 1.2639.
The euro found support after European Central Bank executive board member Lorenzo Bini Smaghi said the bank was continuing to watch price developments closely. "Commodity prices have shown sharp volatility," Mr. Bini Smaghi said. "We're monitoring them to assess their impact over the medium term."
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Written By: Investing.com
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