Euro Hit by Possible U.S. Selling of Single Currency Against Yen
Dow Jones
Aug 03
0936 GMT - The euro should probably be stronger versus the dollar given recent solid eurozone data, lower oil prices and dollar selling from Japan as part of joint interventions with the U.S. to support the yen, ING's Chris Turner says. This is probably due to media reports that U.S. authorities were checking rates in, and possibly selling, the euro versus the yen on Friday, he says. The U.S. Treasury might have sold euro-yen to avoid having to explain why it was selling the dollar, Turner says. The euro trades flat against the dollar at $1.1525, having hit a six-week high of $1.1558 overnight, according to LSEG. The euro falls 0.7% to 180.85 yen after reaching an eight-month low of 179.36 yen overnight.
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