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EUR/JPY struggles to return to 4-day high

Published 02/03/2010, 09:45 AM
EUR/JPY
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The euro struggled to return to a 4-day high against the yen on Wednesday, after it declined in the wake of disappointing data on retail sales. 

EUR/JPY hovered around 126.72 during European afternoon trade, shortly after it tumbled from 126.97, its highest rate since Thursday. The pair was likely to find support at 124.82, Friday's low, and resistance at 127.07, last Tuesday's high. 

The euro's brief decline came after official figures showed that retail sales in the euro zone saw no monthly change in December, despite market expectations of growth. 

The figure published by Eurostat, the European Union's statistics office, was well below analysts' forecasts of a 0.4% increase.

 

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