Investing.com - The euro fell against the yen on Monday after
calls for Spanish Prime Minister Mariano Rajoy's resignation arose
amid talk of corruption scandals.
In U.S. trading on Monday, EUR/JPY hit 124.78, down 1.42% and up
from a low of 124.67 and off a high of 126.86.
The pair sought to test support at 121.22, Tuesday's low, and
resistance at 126.97, Friday's high.
Rajoy faced calls to resign in wake of corruption allegations
against him and senior officials in the ruling Popular Party, which
sent investors to the safety of both the greenback and the yen.
Elsewhere, Spanish employment data revealed that the number of
unemployed people in January rose by 2.7%, or by 132,055, to 4.98
million, though the euro slid on uncertainty factors.
Analysts were expecting the number to rise by 150,000.
Political murkiness in Italy kept the euro lower as well, as former
Prime Minister Silvio Berlusconi continues to gain ground in
The Italian 10-year bond yields rose to 4.42% amid the uncertainty.
The euro fell against the yen even as the Japanese currency came
under increasing pressure versus other currencies amid expectations
that Japanese Prime Minister Shinzo Abe would continue to pressure
the Bank of Japan to step up easing measures.
The euro, meanwhile, was down against the pound and down against
the Canadian dollar, with EUR/GBP trading down 1.39% at 0.8572 and
EUR/CAD trading down 0.79% at 1.3489.
On Tuesday, the eurozone will produce official data on retail
sales, the government measure of consumer spending, which accounts
for the majority of overall economic activity, while Spain and
Italy are to release data on service sector activity.
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