Euro firm vs dollar, other currencies

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Euro firm vs dollar, other currencies

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Euro firmed against major currencies in Asian trade as short-covering investors put in buy orders.

17 January,2012 10:31 am

The euro stood at $1.2724 in Tokyo morning trade, up from $1.2677 in London on Monday. It also gained to 97.65 yen from 97.26.It had slipped at one point on Friday in New York to $1.2624 -- a level last seen in August 2010 -- following Standard and Poors downgrades of nine eurozone countries, including France.The dollar was at 76.76 yen Tuesday, edging up from 76.72 in London.In New York, financial markets were closed on Monday to mark Martin Luther King Jr day.There were no fresh factors behind the euros upward move, a senior dealer at a major bank in Tokyo told Dow Jones Newswires.Its just because investors are so short on the euro, he said, adding that investors would focus on bond auctions in Europe, including a short-term sale in Spain, with the risk slightly to the downside.