Investing.com - The euro weakened against the yen on Thursday after soft eurozone industrial production figures sparked fears third-quarter gross domestic product data due out later in the day will disappoint.
In Asian trading on Thursday, EUR/JPY hit 102.11, down 0.08% and up from a low of 102.01 and off a high of 102.18.
The pair sought to test support at 101.81, the low of Nov. 7, and resistance at 102.40, Wednesday's high.
The yen fell against the single currency earlier on expectations that upcoming elections will see opposition leader Shinzo Abe become the next Prime Minister.
Abe has called for more aggressive policy action and stimulus from the Bank of Japan, which would weaken the Japanese currency.
Soft European output data, however, sent investors snapping up nicely priced yen positions, which sent the euro wiping out earlier gains.
In the eurozone earlier, official data revealed that industrial production declined 2.5% in September, well beyond expectations for a more modest 1.9% decline.
The numbers sparked fears that the eurozone's preliminary gross domestic product rates for the third quarter will disappoint later Thursday.
France, Germany and Italy are also to release individual GDP reports.
Elsewhere, the euro was down against the pound and down against the Canadian dollar, with EUR/GBP trading down 0.08% at 0.8034 and EUR/CAD trading down 0.16% at 1.2766.
Later Thursday, the eurozone will release official data on consumer price inflation as well as GDP data.
Meanwhile, the European Central Bank is to publish its monthly bulletin, which looks at economic conditions from the bank’s perspective.
In Asian trading on Thursday, EUR/JPY hit 102.11, down 0.08% and up from a low of 102.01 and off a high of 102.18.
The pair sought to test support at 101.81, the low of Nov. 7, and resistance at 102.40, Wednesday's high.
The yen fell against the single currency earlier on expectations that upcoming elections will see opposition leader Shinzo Abe become the next Prime Minister.
Abe has called for more aggressive policy action and stimulus from the Bank of Japan, which would weaken the Japanese currency.
Soft European output data, however, sent investors snapping up nicely priced yen positions, which sent the euro wiping out earlier gains.
In the eurozone earlier, official data revealed that industrial production declined 2.5% in September, well beyond expectations for a more modest 1.9% decline.
The numbers sparked fears that the eurozone's preliminary gross domestic product rates for the third quarter will disappoint later Thursday.
France, Germany and Italy are also to release individual GDP reports.
Elsewhere, the euro was down against the pound and down against the Canadian dollar, with EUR/GBP trading down 0.08% at 0.8034 and EUR/CAD trading down 0.16% at 1.2766.
Later Thursday, the eurozone will release official data on consumer price inflation as well as GDP data.
Meanwhile, the European Central Bank is to publish its monthly bulletin, which looks at economic conditions from the bank’s perspective.