Euro up in Asian trade

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Euro up in Asian trade

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Euro remains firm after Germany business survey.

24 February,2012 10:28 am

The euro firmed against major currencies in Asian trade Friday thanks to an upbeat German business confidence survey and improving investor sentiment over Greece.The common currency was trading at $1.3371 and 107.36 yen in Tokyo trade, compared with $1.3369 and 106.94 late Thursday in New York.The greenback stood at 80.31 yen, compared with 79.98.Noriaki Murao, a senior dealer at Bank of Tokyo-Mitsubishi UFJ in New York, said Thursdays better-than-expected German business survey had lifted the single currency.Its true were still a bit concerned about Greeces problems ... but in general, its likely that Athens can avoid a disorderly default, Murao told Dow Jones Newswires.The Ifo index -- a key barometer of corporate confidence in Germany -- hit its highest level in seven months in February due to strong domestic demand, which has largely shielded Europes biggest economy from the eurozone crisis.Adding to the positive sentiment was news that the Greek parliament had approved a law on a historic 107-billion-euro debt writedown with private creditors.With the debt restructuring on track, lawmakers will now turn to legislation on further austerity cuts and tough targets required to get an additional bailout of 130 billion euros.The dollars upside against the yen may be limited after going as high as 80.40 yen this week, said Sumino Kamei, senior analyst at Bank of Tokyo-Mitsubishi UFJ.With the dollar taking a break against the yen after its prolonged uptrend, greenback-selling flows from exporters may be seen, she said.But the downside may also be limited by a gathering recovery in the United States.The dollar declined against other Asian currencies, falling to 1,124.70 South Korean won from 1,127.90 won Thursday, to 42.70 Philippine pesos from 42.80 pesos, to Sg$1.2537 from Sg$1.2576, and to Tw$29.55 from Tw$29.56.It also slipped to 9,045.00 Indonesian rupiah from 9,050.00 rupiah and to 30.34 Thai baht from 30.45 baht.