Forex - USD/JPY slips to daily low but losses limited
Investing.com
Published May 18, 2011 03:44AM ET
USD/JPY hit 80.98 during European trade, the daily low; the pair subsequently consolidated at 81.08, slipping 0.39%.
The pair was likely to find support at 80.33, the low of May 13 and short-term resistance at 81.76, Tuesday’s high and a 13-day high.
Japan's Toshiba Corp was reported to be close to closing a deal to buy Swiss-based meter maker Landis+Gyr for about USD2.5 billion.
Separately, the Nikkei financial daily reported earlier that Takeda Pharmaceutical was reach an agreement with Swiss-based Nycomed later in the day to acquire the company for about JPY 1 trillion.
The yen was also higher against the euro, with EUR/JPY shedding 0.14% to hit 115.72.
Also Wednesday, official data showed that Japan’s tertiary industry index plunged 6.0% in March, the sharpest fall in 22 years, after the March 11 disaster destroyed infrastructure and businesses in the northeast and virtually halted all nonessential economic activities nationwide.
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Written By: Investing.com
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