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Dollar and euro under pressure in Asian trade

currencies

Dollar and euro under pressure in Asian trade

The dollar was weaker against the yen in Asian trade yesterday and the euro remained under pressure as risk appetite declined with the focus on Spanish debt ahead of a summit of European Union leaders.
The European single currency was down at 112.01 yen in Tokyo afternoon trade from 112.53 in New York late Wednesday. The dollar dropped to 91.33 yen from 91.38 while the euro also fell to US$1.2263 from US$1.2299.
Investors moved to take profits after a string of mixed U.S. economic data failed to alter market sentiment overnight, sending the euro and the greenback down against the safe-heaven Japanese unit.
Markets were also cautious ahead of a European Union summit in Brussels yesterday that is expected to approve tougher fiscal rules to prevent a repetition of the Greek debt crisis.
The summit will likely be dominated by renewed concerns for Spain's banking sector after persistent reports that it was preparing to call for help.
Against other Asian currencies the dollar firmed to 32.45 Thai baht from 32.41 on Wednesday, to 1.3976 Singapore dollars from 1.3933 and to NT$32.27 from NT$32.25.
It also rose to 46.18 Philippine pesos from 46.16 and to 1,217.45 South Korean won from 1,209.65.
But it fell to 9,165 Indonesian rupiah from 9,180.