Summary Markets were also keeping a close eye on Chinese trade data.
TOKYO (AFP) - The euro gained in Asian trading on Wednesday as upbeat German economic data buoyed the unit, but speculation over additional easing measures from the European Central Bank (ECB) capped its rise.
The euro surged briefly on Tuesday after data showed German industrial orders rose unexpectedly strongly in March, by 2.2 percent, propelled by rising demand -- both at home and abroad -- for German-made goods.
That boosted hopes for Europe's biggest economy, but the euro's rise was weighed by expectations of more policy moves from the ECB to stoke the recession-battered eurozone economy, analysts said.
Easing tends to weigh on currencies.
"Separately a well received Portuguese debt auction helped to shore up sentiment in the eurozone periphery, with Portugal stating that its funding needs were covered for the year," Credit Agricole said in a note.
"Euro gains remain bound by the prospect of additional ECB action, particularly the talk of negative deposit rates in Europe. Although we do not see that taking place anytime soon, markets have become more sensitive to data... coming out of Europe," it added.
In morning Tokyo trade, the euro fetched $1.3090 and 129.67 yen against $1.3077 and 129.41 yen in US trade on Tuesday.
The dollar, meanwhile, was quoted at 99.05 yen, strengthening modestly from 98.96 yen in New York Tuesday afternoon.
The greenback has flirted with multi-year highs above the 100-yen mark in recent weeks, but has yet to breach the psychologically important level.
Markets were also keeping a close eye on Chinese trade data published Wednesday for clues as to the state of the world's second-biggest economy, which has seen a mixed bag of data lately.
"China's trade accounts for April will get top global billing in international markets today," National Australia Bank said.
China recorded an $18.2 billion trade surplus in April, ahead of expectations and reversing a rare deficit in March as exports rose 14.7 percent year-on-year.
