Forex - EUR/JPY falls on French, Italian output data, Greek woes weigh

Published 11/09/2012, 02:39 PM
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Investing.com - The euro fell against the yen on Friday after French and Italian industrial output figures fell far short of expectations.

Investors also avoided the single currency to await a Sunday vote in the Greek parliament on the country's budget for next year.

In U.S. trading on Friday, EUR/JPY hit 101.04, down 0.26% and up from a low of 100.43 and off a high of 101.75.

The pair sought to test support at 100.43, the earlier low, and resistance at 101.75, the earlier high.

French industrial production fell 2.7% in September, way more than market calls for a 1% decline, and off from a 1.9% gain in August.

In Italy, industrial production dropped 1.5% in September, slightly worse than expectations for a 1.4% drop and way below a 1.7% increase in August.

The data sent the euro falling against the safe-haven Japanese currency as did Greek financing concerns.

The country hopes to tap a EUR31.5 billion tranche of aid after pushing through austerity measures that aim narrow deficits.

Investors were waiting for the Greek parliament to vote Sunday on its 2013 budget.

The budget must be passed to tap rescue funding packages.

However, German Finance Minister Wolfgang Schaeuble said next week may still be too early to decide on disbursing aid to Athens.

The euro, meanwhile, was down against the pound and down against the Canadian dollar, with EUR/GBP trading down 0.09% at 0.8005 and EUR/CAD trading down 0.17% at 1.2759.









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