The
euro traded near a five-week low as signs of sustained economic
weakness in the region boosted speculation the European Central Bank
will step up measures to lift growth and spur inflation.The euro was little changed after a five-day drop before a report today that may confirm a decline in Germany��s consumer price index and data that may show industrial production in the region declined in March. The pound traded near a 16-month high against the euro before employment data and the central bank��s inflation report today. Australia��s dollar was 0.2 percent from this month��s high amid steady monetary policy expectations, even after officials flagged spending cuts in yesterday��s budget.
œThe euro is being sold against the dollar on the prospect of ECB easing, and the market will be paying attention to central bank officials, said Yuki Sakasai, a currency strategist in New York at Barclays Plc. œA gradual recovery in the U.S. economy is firmly in place, and that will cause the dollar to rise against the yen in the medium to long term.
The euro was little changed at $1.3701 as of 10:15 a.m. in Tokyo after falling to $1.3689 yesterday, a level not seen since April 4. It lost 0.1 percent to 140.02 yen.
The dollar bought 102.19 yen after climbing 0.6 percent in the previous three days to close at 102.26 in New York. The pound was at 81.39 pence per euro from 81.45 yesterday, when it touched 81.35, the strongest since January 2013. The U.K. currency fetched $1.6835 after falling 0.3 percent to $1.6826 yesterday.
Source : Bloomberg
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