-The euro got a respite from its falls against the yen in Asia Friday as Japanese institutional investors picked up the unit cheaply, but traders said the single currency may come under renewed selling pressure next week as a wider array of investors look to cut their risk exposure.
At 0450 GMT in Tokyo, the euro stood at Y116.54, up from Y116.13 late Thursday in New York. Although Japanese exporters had sold the euro for the yen earlier in the morning, Japanese institutional investors later took advantage of the lower prices to push the unit back up, dealers said. The dollar also drew attention from bargain hunters, rising to Y92.91 from Y92.68 Thursday.
Dealers said further bargain hunting could push the euro and dollar slightly higher later Friday if investors in Europe and the U.S. get behind the buying by reversing short-term bets against the currencies. The dollar could rise to Y93.65 by the end of the global day, while the euro could climb to Y118.75, said Osao Iizuka, head of foreign exchange trading at Sumitomo Trust & Banking.
But dealers said the outlook for the euro is bleak for the foreseeable future, as investors remain wary of holding the currency, which they think could soon tumble again on concern over Europe's sovereign debt and economic problems.
"Beyond the short-term players, now the number of medium- and long-term players who are also letting go of the euro is also increasing, which of course bodes poorly for the longer-term outlook," said Motonari Ogawa, a senior foreign exchange trader at Barclays Capital.
Meanwhile, bargain hunting also helped the euro against the dollar Friday. The common currency stood at $1.2543, up slightly from $1.2531 late Thursday in New York. The ICE Dollar Index, which tracks the greenback against a trade-weighted basket of currencies including the euro, was down at 85.342 compared with 85.371. chi hair straighteners
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