Investing.com – The euro was down against the yen on Monday, tumbling to a 3-week low, following remarks on European Central Bank policy by the bank’s president Jean-Claude Trichet.
EUR/JPY hit 112.40 during European morning trade, the pair’s lowest since September 24; the pair subsequently consolidated at 112.68, plunging 1.04%.
The pair was likely to find support at 111.46, the low of September 21 and resistance at 114.75, last Friday’s high.
On Sunday, Trichet distanced himself from comments made on ECB monetary policy by governing council member Axel Weber last week. Weber said that the risk of recession in Europe was negligible and that the central bank's bond purchase program should be phased out.
Trichet said that the governing board as a whole did not agree with that view, saying "That is not the position of the governing council, in an overwhelming majority".
The euro was also down against the U.S. dollar, with EUR/USD falling 0.65% to hit 1.3886.
Earlier in the day, official data showed that Japan's tertiary industry index, which measures spending in the services sector fell less-than-expected in August.
EUR/JPY hit 112.40 during European morning trade, the pair’s lowest since September 24; the pair subsequently consolidated at 112.68, plunging 1.04%.
The pair was likely to find support at 111.46, the low of September 21 and resistance at 114.75, last Friday’s high.
On Sunday, Trichet distanced himself from comments made on ECB monetary policy by governing council member Axel Weber last week. Weber said that the risk of recession in Europe was negligible and that the central bank's bond purchase program should be phased out.
Trichet said that the governing board as a whole did not agree with that view, saying "That is not the position of the governing council, in an overwhelming majority".
The euro was also down against the U.S. dollar, with EUR/USD falling 0.65% to hit 1.3886.
Earlier in the day, official data showed that Japan's tertiary industry index, which measures spending in the services sector fell less-than-expected in August.