Euro holds up in Asia following upbeat data
The euro was rangebound against the dollar in Asian trade on Wednesday despite an earlier boost from an unexpected uptick in German business sentiment and a successful Spanish bond auction.
The euro stood at $1.3121, slightly down from $1.3131 in New York Tuesday, and at 102.15 yen, up from 101.88 yen in New York. The dollar was at 77.83 yen, slightly down from 77.89.
European markets surged on encouraging signs for the eurozone economy after two leading indicators in Germany showed surprisingly bright sentiment and Spain pulled off another successful bond auction.
Reports meanwhile said Greece was near a crucial deal with private banks to write down a chunk of its foreign debt, a move expected to save Athens more than 100 billion euros in financing costs.
But the single European currency was little affected by the news during Asian trade.
A senior dealer at a major bank in Tokyo said he 'would start selling the euro above $1.32' because the bias for the single currency remains downward over the longer run, according to Dow Jones Newswires.
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