Investing.com - The euro was higher against the yen on Monday, as market sentiment was boosted by a successful German bond auction and ahead of a meeting of European ministers to discuss the restructuring of Greece’s debt.
EUR/JPY hit 100.20 during European afternoon trade, the daily high; the pair subsequently consolidated at 100.17, climbing 0.56%.
The pair was likely to find support at 98.54, the low of September 18 and resistance at 100.91, the high of December 29.
Germany auctioned EUR2.54 billion of 12-month Treasury bills at an auction which met with strong investor demand at very low yields.
Meanwhile, European Union finance ministers were to meet later to discuss the terms of a proposed debt restructuring package for Greece, as well as the terms of a fiscal compact that was agreed upon in December.
The restructuring agreement is a precondition for Athens to receive its next tranche of bailout funds in order to avoid a default when an EUR14.4 billion bond redemption comes due on March 20.
On Sunday, Greece’s creditors said they had reached their maximum offer for a voluntary debt swop and said it was now up to the EU and the International Monetary Fund to agree on whether they can accept the deal.
Markets were also eyeing the release of the Bank of Japan’s monetary policy statement on Tuesday, after Finance Minister Jun Azumi last week indicated readiness to step into the market to counter excess speculation on the yen.
Elsewhere, the yen was higher against the U.S. dollar with USD/JPY shedding 0.12%, to hit 76.92.
Also Monday, the Bank of Spain said the country’s economy will fall back into recession this year with a contraction of 1.5%, but added that it expects the economy to make a modest rebound in 2013 with gross domestic product growth of 0.2%.
EUR/JPY hit 100.20 during European afternoon trade, the daily high; the pair subsequently consolidated at 100.17, climbing 0.56%.
The pair was likely to find support at 98.54, the low of September 18 and resistance at 100.91, the high of December 29.
Germany auctioned EUR2.54 billion of 12-month Treasury bills at an auction which met with strong investor demand at very low yields.
Meanwhile, European Union finance ministers were to meet later to discuss the terms of a proposed debt restructuring package for Greece, as well as the terms of a fiscal compact that was agreed upon in December.
The restructuring agreement is a precondition for Athens to receive its next tranche of bailout funds in order to avoid a default when an EUR14.4 billion bond redemption comes due on March 20.
On Sunday, Greece’s creditors said they had reached their maximum offer for a voluntary debt swop and said it was now up to the EU and the International Monetary Fund to agree on whether they can accept the deal.
Markets were also eyeing the release of the Bank of Japan’s monetary policy statement on Tuesday, after Finance Minister Jun Azumi last week indicated readiness to step into the market to counter excess speculation on the yen.
Elsewhere, the yen was higher against the U.S. dollar with USD/JPY shedding 0.12%, to hit 76.92.
Also Monday, the Bank of Spain said the country’s economy will fall back into recession this year with a contraction of 1.5%, but added that it expects the economy to make a modest rebound in 2013 with gross domestic product growth of 0.2%.