MW: Dollar gains vs. euro, slips vs. yen in Asian trading
By MarketWatch
TOKYO (MarketWatch) -- The dollar resumed an upward track against the euro but slipped slightly against its Japanese counterpart in Asian trading Tuesday, as investors' lingering fears about the euro zone's debt problems led them to seek lower-yielding currencies.
The euro (CUR_EURUSD 1.2346, -0.0046, -0.3712%) changed hands at $1.2333, down from $1.2384 in North American trading late Monday, a day on which it sank as low as $1.2233 -- its lowest level since April 2006.
Against the yen, the euro (CUR_EURYEN 113.9800, -2.0200, -1.7414%) fell to ¥114.03, down 0.5%.
The dollar (CUR_USDYEN 92.4800, -0.1200, -0.1296%) edged down to 92.44 Japanese yen, from ¥92.52 late Monday.
"Although our nation's economy is recovering, stock markets have declined and the yen has temporarily strengthened because of the impact of the situation in Europe," Japan's finance minister, Naoto Kan, said at a regular press conference, according to Dow Jones Newswires.
Kan reportedly added that he believed stocks and the yen "will gradually stabilize."
The Bank of Japan said Tuesday it garnered total bids of $210 million for its dollar-supply operation starting from May 20. All the bids were accepted, the central bank said.
The dollar index (DXY 86.39, +0.18, +0.21%) , which tracks the U.S. unit against a trade-weighted basket of six major currencies, rose to 86.441, from 86.240 late Monday.
On Monday, the dollar held small gains on most major currencies, as a lack of news left investors and traders to reposition after the euro dropped to a four-year low. See Monday's Currencies report.