• 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

  • Rich getting richer

    Economists differ on how to tackle the chasm between rich and poor, says Leopold Scholtz.

See More

Euro gains on short-covering

Dec 28 2010 09:41 AFP

Related Articles

Euro hit by ratings warnings

Euro recovers from record lows

Euro firms as China supports EU bailout

Risk appetite keeps rand on a high

Rand weaker as greenback recovers

Euro steady in Asian trade


Tokyo - The euro gained ground on short-covering in quiet Asian trading on Tuesday, with investors' eyes on key US economic data due to be released later in the day, dealers said.

The euro rose to $1.3226 in Tokyo morning trade from $1.3161 in New York late on Monday. The European single currency was also up at ¥109.35 from ¥109.00. The dollar edged down to ¥82.67 from ¥82.78.

The euro was up on short-covering after players failed to break below the euro's recent low of ¥108.33 marked on November 30, Kenichiro Ikezawa, a fund manager at Daiwa SB Investments, told Dow Jones Newswires.

The market shrugged off major Japanese economic indicators released earlier in the day, dealers said.

The data showed that industrial output rose 1% in November from the previous month, rebounding after five straight months of declines.

The core consumer price index fell 0.5% in November from a year ago, marking the 21st consecutive drop, showing that Japan remains mired in deflation.

Thin market conditions are expected to continue as investors are away for holidays in many overseas markets on Tuesday, dealers said.

The market is focused on the US consumer confidence index due later in the day, as the dollar may rise versus the yen in the near term if investors gain increasing confidence that the US economic recovery is solid, said Teppei Ino, senior analyst at Bank of Tokyo-Mitsubishi UFJ.

dollar  |  markets  |  euro  |  japanese economy



Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:


Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.

Top 10 richest musicians of all time

Check out the gallery to find out who they are!


Luxury living

Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it
Watch: Flying first class has never been this luxurious!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote