Investing.com - The U.S. dollar was almost unchanged against the yen on Tuesday, as markets eyed a key meeting between German Chancellor Angela Merkel and International Monetary Fund President Christine Lagarde later in the day.
USD/JPY hit 76.91 during early European trade, the daily high; the pair subsequently consolidated at 76.86, inching up 0.02%.
The pair was likely to find support at 76.64, the low of January 5 and resistance at 77, the high of January 2.
After meeting with French President Nicolas Sarkozy in Berlin on Monday, Angela Merkel warned Greece that it would not be possible to give further financial aid without swift progress on its second rescue package, including a voluntary write-down on Greek debt held by private creditors.
Merkel also said she was optimistic that the European Union will be able to sign off its fiscal pact by the end of January.
Meanwhile, concerns over weakness in the euro zone banking sector persisted after a report on Monday showed that overnight deposits at the European Central Bank hit a fresh record of EUR464 billion, indicating that banks in the region remain unwilling to lend to each other.
Elsewhere, the yen was fractionally higher against the euro with EUR/JPY easing 0.01%, to hit 98.08.
Also Tuesday, the Bank of Japan supplied USD12.556 billion to banks, the most it has ever supplied since reinstating its dollar-funding operation in 2010, signaling persistent concerns over the euro zone’s debt woes.
USD/JPY hit 76.91 during early European trade, the daily high; the pair subsequently consolidated at 76.86, inching up 0.02%.
The pair was likely to find support at 76.64, the low of January 5 and resistance at 77, the high of January 2.
After meeting with French President Nicolas Sarkozy in Berlin on Monday, Angela Merkel warned Greece that it would not be possible to give further financial aid without swift progress on its second rescue package, including a voluntary write-down on Greek debt held by private creditors.
Merkel also said she was optimistic that the European Union will be able to sign off its fiscal pact by the end of January.
Meanwhile, concerns over weakness in the euro zone banking sector persisted after a report on Monday showed that overnight deposits at the European Central Bank hit a fresh record of EUR464 billion, indicating that banks in the region remain unwilling to lend to each other.
Elsewhere, the yen was fractionally higher against the euro with EUR/JPY easing 0.01%, to hit 98.08.
Also Tuesday, the Bank of Japan supplied USD12.556 billion to banks, the most it has ever supplied since reinstating its dollar-funding operation in 2010, signaling persistent concerns over the euro zone’s debt woes.