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Euro under pressure in Asia amid ongoing debt woes

OKYO: The euro stayed under pressure in Asia on Friday amid investor jitters over the European debt crisis.

The common currency bought $1.3309 in Tokyo afternoon trade, compared with $1.3327 in London late Thursday. Against the Japanese currency it firmed to 103.03 yen from 102.87.

The dollar edged up to 77.42 yen from 77.11 as Japan’s finance minister said his ministry has been vigilantly watching for signs of speculative yen-buying movement in the foreign exchange markets.

The euro was on a downward trend as investors took a cue from Moody’s downgrade of Hungary’s credit rating, said a senior dealer at a major bank.

“You should expect volatile euro trading ahead as there’s much speculation going around, but what’s for sure is the euro is set to fall in the longer term as the debt woes are just too far from their end,” the dealer said.

German, French and Italian leaders pledged Thursday to propose modifications to European Union treaties to further integrate economic policy, but they played down suggestions that the European Central Bank would have a greater crisis-busting role.

Japanese Finance Minister Jun Azumi urged European leaders to take more steps to calm markets as the impact of the debt crisis spreads globally. (AFP

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Asian markets down on European discord

 Asian markets down on European discord

HONG KONG: Asian markets mostly fell on Friday as a meeting between the eurozone’s three biggest economies highlighted their differences on finding a solution to the region’s debt crisis.

Traders remained nervous at the end of a week that saw fears over Europe deepen as the yields on Italian and Spanish bonds sat dangerously high and even Germany — the bloc’s pillar — failed to sell all its bonds at auction.

Tokyo was flat, edging down 5.17 points to end at 8,160.01, while Sydney shed 1.48 percent, or 59.90 points, to end at 3,984.3 and Seoul closed 1.04 percent, or 18.66 points, lower at 1,776.40.

Shanghai was 0.60 percent off and Hong Kong fell 1.21 percent in the afternoon.

The leaders of Germany, France and Italy on Thursday met to discuss plans to address the two-year-old debt crisis in a bid to sooth markets, which have been hammered over fears of a collapse of the eurozone and another global downturn. (AFP)

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