The euro fell against the majority of its most-traded counterparts as Greece struggles to reach an agreement with its bondholders on cutting the nation’s debt burden.
The 17-nation currency fell the most against its higher- yielding counterparts, as South Korea’s won and the Brazilian real rallied. The yen rose to almost a postwar high against the dollar, prompting speculation Japan will intervene. The dollar rose before a report tomorrow that may show employers boosted payrolls in January and the jobless rate held at an almost three-year low.
“It’s pretty well capped for the time being because we had several days in a row where the euro failed to advance above $1.32,” said Carl Forcheski, a director on the corporate currency sales desk at Societe Generale SA in New York. “The market before payrolls data just doesn’t seem to have the momentum to break out in either direction. It wants to see what tomorrow’s data will be.”
The euro fell 0.1 percent to $1.3153 at 1:50 p.m. in New York after rising to $1.3197 earlier. The shared currency weakened 0.2 percent to 100.13 yen. The Japanese currency strengthened 0.1 percent to 76.13 yen per dollar and reached 76.05, approaching the postwar record of 75.35 set on Oct. 31.
Support for the euro comes in at its 10- and 50-day moving averages, at $1.3095 and $1.3059 respectively, Forcheski said. The currency rose to as high as $1.3234 this week on Jan. 30.
The 17-nation currency fell the most against its higher- yielding counterparts, as South Korea’s won and the Brazilian real rallied. The yen rose to almost a postwar high against the dollar, prompting speculation Japan will intervene. The dollar rose before a report tomorrow that may show employers boosted payrolls in January and the jobless rate held at an almost three-year low.
“It’s pretty well capped for the time being because we had several days in a row where the euro failed to advance above $1.32,” said Carl Forcheski, a director on the corporate currency sales desk at Societe Generale SA in New York. “The market before payrolls data just doesn’t seem to have the momentum to break out in either direction. It wants to see what tomorrow’s data will be.”
The euro fell 0.1 percent to $1.3153 at 1:50 p.m. in New York after rising to $1.3197 earlier. The shared currency weakened 0.2 percent to 100.13 yen. The Japanese currency strengthened 0.1 percent to 76.13 yen per dollar and reached 76.05, approaching the postwar record of 75.35 set on Oct. 31.
Support for the euro comes in at its 10- and 50-day moving averages, at $1.3095 and $1.3059 respectively, Forcheski said. The currency rose to as high as $1.3234 this week on Jan. 30.
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