Euro remains under pressure in Asia

Euro remains under pressure in Asia

TOKYO: The euro was under pressure in Asian trade Thursday after action by the European Central Bank to provide cheap loans to banks failed to boost the currency.

The euro rose overnight after the ECB said banks had sucked up a huge 489.2 billion euros ($641 billion) in its first-ever three-year refinancing operation.

But the single currency soon resumed its downward trajectory.

The euro traded at $1.3038 in Asia, down from $1.3188 in New York Wednesday, and at 101.74 yen, compared with 101.88 yen in New York.

The dollar was at 78.04 yen, almost unchanged from 78.05.

Kengo Suzuki, forex strategist at Mizuho Securities, said the earlier price movement was exaggerated by thin market conditions and also reflected strong euro selling interest on rallies.