Euro edges up in Asia

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The single currency bought $1.3833 and 141.66 yen against $1.3830 and 141.53 yen in US trade. 

TOKYO (AFP) – The euro edged up in Asia on Friday, adding to gains in New York after a survey of German business confidence beat forecasts, while the dollar was a touch higher against the yen.

The single currency bought $1.3833 and 141.66 yen against $1.3830 and 141.53 yen in US trade, while the dollar was changing hands at 102.41 yen compared with 102.32 yen.

The Ifo economic institute s closely watched German business climate index rose to 111.2 points in April from 110.7 in March, when it saw a small dip. Analysts polled by Dow Jones Newswires had predicted a decline to 110.5 points.

The news, together with upbeat bond sales and economic data out of Spain and Portugal, added to a growing sense that the eurozone is on a recovery track after the debt turmoil of two years ago.

The dollar edged up against the yen after Tokyo released figures showing Japanese inflation at 1.3 percent in March, marking a 10th consecutive rise in prices.

Although the latest figure could put pressure on the central bank ease monetary policy to achieve its target of 2.0 percent inflation next year traders are not expecting any movement soon, said Daisaku Ueno, chief foreign strategist at Mitsubishi UFJ Morgan Stanley Securities Co.

He added that upbeat US economic data provided support to the greenback despite tensions in the Ukraine, which would normally lift the yen — a safe investment in times of uncertainty.

— Dow Jones Newswires contributed to this article —

2014-04-25

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