The euro rose, ending a two-day decline, after China’s Vice Premier Wang Qishan said the nation has taken “concrete action” to help the European Union with its debt problems.
The single currency strengthened against all of its 16 major counterparts on optimism that China’s steps will ease Europe’s sovereign fiscal crisis, boosting the allure of assets in the region. The yen gained for a second day versus the dollar on speculation that Japanese exporters bought the currency ahead of the end of the year.
“The Chinese official’s remarks appear to be helping the euro,” said Satoshi Okagawa, head of the foreign-exchange and money trading group in Singapore at Sumitomo Mitsui Banking Corp., a unit of Japan’s third-largest banking group. “The comments are causing traders to cover shorts in the currency.” A short position is a bet on asset price declines.
The euro climbed to $1.3182 at 10:38 a.m. in Tokyo from $1.3131 in New York yesterday, when it weakened to $1.3095, the lowest since Dec. 2. The common currency rose to 110.15 yen from 110 yen yesterday when it fell to 109.58 yen, the lowest since Dec. 7. The yen advanced to 83.58 per dollar from 83.77.
Sumber : BLOOMBERG.COM