Euro settles after Japan pledged to buy European bonds

The euro held steady above the lowest level in four months on Tuesday after Japan said it may buy about 20 percent of the bonds intended to fund a European rescue sale later this month to fund a program to help Ireland.

But Japanese Finance Minister Yoshihiko Noda pointed out that Japan might use its cash reserves of the euro for the purchase of these bonds, which won the enthusiasm of the initial customers who thought that this step may include new purchases of the euro.

The pledge comes after China confirmed to Spain that it would invest in bonds of the debtor country member of the euro zone, which had a positive impact.

 The euro held steady in the latest transactions at 1.2930 dollars, little changed from levels late New York trading after the dollar rose to 1.2992 after comments Noda.

The single currency rose to 107.50 yen compared with 106.83 yen yesterday, and the latter is the lowest price in four months.The euro rose 0.2 percent against the Swiss franc to 1.2530 francs from 1.2432 francs on Monday.

The dollar index, which measures the currency against a basket of major currencies, 0.1 percent to 80.97. The greenback hit 83.08 yen high 0.4 percent from the previous close support purchases of Japanese importers.

The Australian dollar has lost more than one percent, with deliberately speculators to sell for a profit in light of reports of more flooding in north-east of the country. The currency hit its lowest level in a month at 0.9820 dollars.
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