Investing.com – The euro was down against the yen on Wednesday, amid rising risk aversion, after downbeat comments from a high ranking European Central Bank official dampened sentiment on the euro and drove investors to the safe-haven yen.
EUR/JPY hit 105.78 during European morning trade, the pair’s lowest since August 24; the pair subsequently consolidated at 106.09, shedding 0.22%.
The pair was likely to find support at 104.42, the low of August 24, and resistance at 108.45, Tuesday’s high.
Earlier in the day, Deutsche Bundesbank President Axel Weber added to fears over the euro zone’s economic recovery saying, “Even though financial markets have calmed again they are still marked by heightened uncertainties and are not immune to setbacks".
Weber, who is also a member of the European Central Bank Governing Council, added, “the direct and indirect consequences [of the crisis] will occupy us still for years," noting that there exists a large need for reform in the financial sector.
The euro was also down against the U.S. dollar, with EUR/USD shedding 0.08% to hit 1.2671.
Earlier in the day, official data showed that German exports fell in July, while the country’s trade balance widened less-than-expected in July.
EUR/JPY hit 105.78 during European morning trade, the pair’s lowest since August 24; the pair subsequently consolidated at 106.09, shedding 0.22%.
The pair was likely to find support at 104.42, the low of August 24, and resistance at 108.45, Tuesday’s high.
Earlier in the day, Deutsche Bundesbank President Axel Weber added to fears over the euro zone’s economic recovery saying, “Even though financial markets have calmed again they are still marked by heightened uncertainties and are not immune to setbacks".
Weber, who is also a member of the European Central Bank Governing Council, added, “the direct and indirect consequences [of the crisis] will occupy us still for years," noting that there exists a large need for reform in the financial sector.
The euro was also down against the U.S. dollar, with EUR/USD shedding 0.08% to hit 1.2671.
Earlier in the day, official data showed that German exports fell in July, while the country’s trade balance widened less-than-expected in July.