Investing.com – The euro was steady against the yen on Wednesday, amid hopes that euro zone policymakers would reach an agreement on how to address the region’s debt crisis, but gains were tempered by fears that contagion risks would persist.
EUR/JPY hit 112.35 during European afternoon trade, the daily high; the pair subsequently consolidated at 112.11, inching up 0.04%.
The pair was likely to find support at 110.64, Monday’s low and resistance at 112.92, the high of July 14.
European Union leaders were to hold an emergency summit meeting in Brussels on Thursday, to finalize the terms of a second bailout for Greece and discuss the financial stability of the entire single currency bloc.
Spanish and Italian bond yields fell back earlier, amid increased optimism that euro zone policymakers would reach an agreement on how to address the region’s deepening debt crisis and avoid sovereign debt contagion from Greece.
Meanwhile, a spokesman for German Chancellor Angela Merkel said she believed euro zone policymakers would agree on a new bailout for Greece at the summit.
Elsewhere, the euro was fractionally lower against the Swiss franc, with EUR/CHF slipping 0.06% to hit 1.1647.
Also Wednesday, official data showed that German producer price inflation rose broadly in line with market expectations in June.
EUR/JPY hit 112.35 during European afternoon trade, the daily high; the pair subsequently consolidated at 112.11, inching up 0.04%.
The pair was likely to find support at 110.64, Monday’s low and resistance at 112.92, the high of July 14.
European Union leaders were to hold an emergency summit meeting in Brussels on Thursday, to finalize the terms of a second bailout for Greece and discuss the financial stability of the entire single currency bloc.
Spanish and Italian bond yields fell back earlier, amid increased optimism that euro zone policymakers would reach an agreement on how to address the region’s deepening debt crisis and avoid sovereign debt contagion from Greece.
Meanwhile, a spokesman for German Chancellor Angela Merkel said she believed euro zone policymakers would agree on a new bailout for Greece at the summit.
Elsewhere, the euro was fractionally lower against the Swiss franc, with EUR/CHF slipping 0.06% to hit 1.1647.
Also Wednesday, official data showed that German producer price inflation rose broadly in line with market expectations in June.