Euro edges up on eased worries over Europe
TOKYO, Jan 13, 2012 (AFP) - The euro firmed against other major currencies in Asia on Friday as investor confidence improved after successful bond auctions by debt-ridden Italy and Spain.
The euro edged up to $1.2831 and 98.48 yen in Tokyo afternoon trade from $1.2816 and 98.38 yen in New York late Thursday.
The dollar was at 76.75 yen, unchanged from New York.
Currency rates hardly changed after Japan's Prime Minister Yoshihiko Noda reshuffled his cabinet. Noda replaced five ministers but heavyweight posts including foreign affairs, finance and trade were not changed.
The euro got support from assurances from the European Central Bank and confidence-building successful Italian and Spanish bond auctions.
The euro remains biased to the downside but a recovery to $1.30 could not be ruled out if credit rating agencies decide not to downgrade France's sovereign debt rating, said a senior forex manager at a Japanese bank.
It would be "not surprising to see the pair recover to 1.30 next week or so", he told Dow Jones Newswires.
France is seen as a candidate to lose its triple-A credit rating and such a move would put the eurozone rescue fund's firepower in doubt, which could weaken the single currency.
At its first policy-setting meeting of this year, the ECB held its main interest rate steady at 1.0 percent, as expected, following two straight months of cuts.
Bank chief Mario Draghi told a news conference that recent moves to provide banks with unprecedented amounts of liquidity were proving effective in tackling the debt crisis.
The dollar was mixed against regional Asian currencies, easing to 31.77 Thai baht from 31.82, to Sg$1.2875 from Sg$1.2928, to 43.85 Philippine pesos from 43.99 and to 1,149.30 South Korean won from 1,158.20.
It firmed to 9,180.00 Indonesian rupiah from 9,160.00 while holding steady at at Tw$29.95.
bur-mis/dan
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