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Euro dips ahead of ECB meeting

Jul 04 2012 08:57 AFP

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Tokyo - The euro weakened against other major currencies in Asian trade on Wednesday before a European Central Bank policy meeting, amid expectations that the bank will chop its key interest rate.

The common currency was quoted at $1.2593 and ¥100.44 in Tokyo afternoon trade, down from $1.2607 and ¥100.64 in New York late on Tuesday.

The dollar was also weaker against the Japanese currency at ¥79.75 from ¥79.83 in US trade.

The yen has been increasingly viewed as a port in the storm amid concerns about the eurozone crisis and the pace of a US economic recovery.

Dealers said markets would be subdued ahead of Thursday's ECB meeting and the US Independence Day holiday.

Economists expect the bank will lower its key interest rate, currently at an all-time low of 1.0%, to help boost sagging growth amid the eurozone sovereign debt crisis.

"Markets are expecting a rate cut (from the ECB) and then it will all be about the statement. Markets will be looking to see whether the ECB comes out to support what the European leaders came out with last week," Daniel Brdanovic, HSBC New Zealand chief manager, told Dow Jones Newswires.

A surprise list of measures aimed at reversing the eurozone's spiralling crisis had sent the euro soaring last week following EU talks in Brussels.

The dollar was lower against other Asia-Pacific currencies.

It fell to Sg$1.2630 from Sg$1.2635 on Tuesday, to 1,135.50 South Korean won from 1,140.30 won, and to 31.40 Thai baht from 31.51 baht.

The dollar also slipped to 54.52 Indian rupees from 55.09 rupees, to Tw$29.82 from Tw$29.85, and to 9,365.00 Indonesian rupiah from 9,393.00 rupiah.

The greenback was flat at 41.75 Philippine pesos.

The Australian dollar firmed to US$1.0290 from US$1.0257 while the Chinese yuan also edged up to ¥12.56 from ¥12.53.

ecb  |  europe debt crisis  |  markets  |  euro
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