Investing.com – The euro was sharply lower against the yen on Monday, tumbling to a 4-day low, as renewed euro zone sovereign debt fears weighed on the single currency.
EUR/JPY hit 112.67 during European afternoon trade, the pair’s lowest since November 2; the pair subsequently consolidated at 113.16, tumbling 0.74%.
The pair was likely to find support at 111.86, the low of November 2 and resistance at 115.03, last Friday’s high.
Earlier Monday, European Union Commissioner Olli Rehn was to begin a 2-day visit to Ireland to discuss the country's plans for fiscal austerity. The country's main opposition party said on Sunday that it would not support next month's budget after the government announced a package of EUR 15 billion in spending cuts aimed at reducing the country’s budget deficit.
Also Monday, official data showed that Germany’s industrial production fell more-than-expected in September , dropping 0.8%, after rising by a revised 1.5% August. Analysts had expected industrial production to rise by 0.4% in September.
The euro was also down against the U.S. dollar, with EUR/USD shedding 0.65% to hit 1.3942.
Earlier in the day, the Bank of Japan said in its November economic report that the nation's economic recovery "seems to be pausing" although there are still "signs of a moderate recovery," adopting a slightly weaker tone than in the central bank's October report.
EUR/JPY hit 112.67 during European afternoon trade, the pair’s lowest since November 2; the pair subsequently consolidated at 113.16, tumbling 0.74%.
The pair was likely to find support at 111.86, the low of November 2 and resistance at 115.03, last Friday’s high.
Earlier Monday, European Union Commissioner Olli Rehn was to begin a 2-day visit to Ireland to discuss the country's plans for fiscal austerity. The country's main opposition party said on Sunday that it would not support next month's budget after the government announced a package of EUR 15 billion in spending cuts aimed at reducing the country’s budget deficit.
Also Monday, official data showed that Germany’s industrial production fell more-than-expected in September , dropping 0.8%, after rising by a revised 1.5% August. Analysts had expected industrial production to rise by 0.4% in September.
The euro was also down against the U.S. dollar, with EUR/USD shedding 0.65% to hit 1.3942.
Earlier in the day, the Bank of Japan said in its November economic report that the nation's economic recovery "seems to be pausing" although there are still "signs of a moderate recovery," adopting a slightly weaker tone than in the central bank's October report.