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Euro falls in Asia on profit-taking

Euro falls in Asia on profit-taking

The euro fell against the U.S. dollar in Asian trade yesterday on profit-taking after the struggling unit was earlier boosted by China's denial that it was reviewing its exposure to eurozone debt.
The currency slipped to US$1.2306 in Tokyo afternoon trade from US$1.2364 in New York late Thursday, where it made strident gains during a volatile session on foreign exchange markets.
The euro had surged against the dollar after China denied it was reviewing its massive euro holdings in light of the continent's debt crisis.
Reports that Beijing would seek to limit its exposure to European debt had earlier pushed the single currency down to the 1.21 level.
However despite its later recovery, "None of the fundamental problems regarding the eurozone debt and economy have been solved," Daisuke Karakama, market economist at Mizuho Corporate Bank, told Dow Jones Newswires.
The dollar was weaker against other Asian currencies, falling to 9,185 Indonesian rupiah from 9,258 on Thursday and to NT$32.02 from NT$32.16
The greenback also fell to 1.4027 Singapore dollars from 1.4051 and to 46.25 Philippine pesos from 46.41, but edged up to 32.55 Thai baht from 32.53.


Updated : 2021-08-01 06:29 GMT+08:00