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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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Hulkenberg replaces Sutil at Force India

Nico Hulkenberg is determined to make the most of his second chance in Formula One after being given one of Force India’s two race seats for 2012.

The 25-year-old will replace fellow German driver Adrian Sutil, who departs after six years at the UK-based team.

Hulkenberg was Force India’s reserve driver this year behind Sutil and Scottish rookie Paul di Resta, who will retain his seat after finishing 13th overall with 27 points in his debut season.

“It wasn’t easy to watch from the sidelines this season, but I did my best to help the team and show what I was capable of,” said Hulkenberg, who was released by Williams in 2010 despite earning his maiden pole position in his rookie season.
I’m extremely motivated for 2012 and would like to thank everyone for believing in me and giving me this chance. I’m keen to get down to work over the winter to develop our new car and help the team build on this year’s achievements. The first test in Jerez can’t come soon enough.”

The 28-year-old Sutil’s future is uncertain despite finishing ninth overall with 42 points. The only teams with seats available are Williams and HRT.

“Our new line-up means we say ‘goodbye’ to Adrian Sutil, who has been with the team since we entered the sport,” said Force India boss Vijay Mallya.

“He has been an integral part of our success over the past four seasons and we wish him well for the future.”

Di Resta hopes to build on his promising first season.

“I’m really excited about 2012 and there is a real sense of belief that we can continue to push the top teams and take another step forward,” the 25-year-old said.

“I’d also like to thank the team for all their hard work this year and for all the support they’ve given me. I’ll take some time out over the next few weeks to recharge my batteries and hopefully come back even stronger in 2012.”

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