Euro rangebound for lack of trading pegs

by mymazaa.com

The euro moved narrowly in Asia on Wednesday as investors looked for fresh trading pegs.

The euro bought $1.3324 and 110.64 yen, compared with $1.3315 and 110.71 yen in New York late Tuesday.

The dollar edged down to 82.97 yen from 83.15 yen in New York as Japanese exporters moved to repatriate income by the end of the current fiscal year this weekend.

"There hasn't been any major news for the euro here," noted Kengo Suzuki, currency strategist at Mizuho Securities.

"People are more focused on US dollar/yen flows as trade will be settled within the current fiscal year which ends this week," he told Dow Jones Newswires, tipping the euro in a range of $1.3250-1.3400.

But Sumino Kamei, senior analyst at the Bank of Tokyo-Mitsubishi UFJ, said flows from Japanese exporters are unlikely to have a major impact on the dollar/yen rates.

"Since Japanese exporters have bought the yen considerably, it's hard to expect a major movement, thus the dollar/yen is expected to be solid," she added.