Investing.com - The euro trimmed gains against the yen on Tuesday, after a report showed that U.S. consumer confidence remained close to the previous month’s one-year high while euro zone debt concerns continued to weigh.
EUR/JPY pulled back from 111.25, the pair’s highest since March 21, to hit 110.89 during U.S. morning trade, still up 0.23%.
The pair was likely to find support at 110.04, the low of March 21 and resistance at 111.42, the high of March 21 and also a five-month high.
The Conference Board’s index of consumer confidence dipped to 70.2 from a reading of 71.6 in February, but was better than expectations for a slip to 70.3.
Earlier in the day, the euro came under pressure after an index of consumer climate for Germany fell unexpectedly in March, ticking down to 5.9 from 6.0 the previous month.
Analysts had expected the index to rise to 6.2 in March.
Sentiment was also hit by concerns over Spanish borrowing costs ahead of the country’s budget statement on Friday, amid concerns that the government will pull back on imposing harsh austerity measures in the face of a looming recession.
Eurogroup chairman Olli Rehn said earlier that euro zone finance ministers would reach an agreement on the size of the bailout fund for indebted countries at a meeting to be held in Copenhagen on Friday.
Elsewhere, the yen was lower against the U.S. dollar with USD/JPY rising 0.42%, to hit 83.18.
Also Tuesday, the Standard & Poor’s/Case-Shiller U.S. house price index fell at an annualized rate of 3.8% in January from a year earlier, in line with expectations.
U.S. home prices in December were revised to a decline of 4.1% from a previously reported 4.0% drop.
EUR/JPY pulled back from 111.25, the pair’s highest since March 21, to hit 110.89 during U.S. morning trade, still up 0.23%.
The pair was likely to find support at 110.04, the low of March 21 and resistance at 111.42, the high of March 21 and also a five-month high.
The Conference Board’s index of consumer confidence dipped to 70.2 from a reading of 71.6 in February, but was better than expectations for a slip to 70.3.
Earlier in the day, the euro came under pressure after an index of consumer climate for Germany fell unexpectedly in March, ticking down to 5.9 from 6.0 the previous month.
Analysts had expected the index to rise to 6.2 in March.
Sentiment was also hit by concerns over Spanish borrowing costs ahead of the country’s budget statement on Friday, amid concerns that the government will pull back on imposing harsh austerity measures in the face of a looming recession.
Eurogroup chairman Olli Rehn said earlier that euro zone finance ministers would reach an agreement on the size of the bailout fund for indebted countries at a meeting to be held in Copenhagen on Friday.
Elsewhere, the yen was lower against the U.S. dollar with USD/JPY rising 0.42%, to hit 83.18.
Also Tuesday, the Standard & Poor’s/Case-Shiller U.S. house price index fell at an annualized rate of 3.8% in January from a year earlier, in line with expectations.
U.S. home prices in December were revised to a decline of 4.1% from a previously reported 4.0% drop.