The euro remained lower against the yen before data today forecast to show European services and manufacturing contracted, adding to evidence that the region's debt crisis is sapping growth.
Japan's currency held onto gains from yesterday versus its major peers even after the Bank of Japan (8301) joined the Federal Reserve and European Central Bank in expanding monetary stimulus. New Zealand's dollar rose after data showed the nation's economy grew more than analysts had estimated.
"We think at these levels, euro is a sell," said Joseph Capurso, a strategist at Commonwealth Bank of Australia (CBA) in Sydney. "The economy is going to get worse before it gets better in Europe."
The euro was little changed at 102.29 yen as of 8:11 a.m. in Tokyo from yesterday, when it slid 0.5 percent. The 17-nation common currency traded at $1.3050 from $1.3049. The yen fetched 78.37 per dollar after strengthening 0.6 percent to 78.38 at the close in New York. New Zealand's currency, known as the kiwi, rose 0.4 percent to 82.97 U.S. cents.
A euro-zone composite index for services and manufacturing industries was at 46.6 in September, from 46.3 the prior month, according to the median estimate of economists surveyed by Bloomberg News before London-based Markit Economics releases the figure today. A reading below 50 indicates contraction.
BOJ Stimulus
The BOJ said yesterday it will add 10 trillion yen ($128 trillion) to its 45 trillion-yen fund that buys assets including government debt.
The move came after the Fed introduced purchases of $40 billion of mortgage debt a month on Sept. 13 in a third round of so-called quantitative easing. The European Central Bank unveiled an unlimited bond-purchase program this month to lower government borrowing costs.
New Zealand's gross domestic product rose 0.6 percent in the three months ended June 30 from the previous quarter, when it expanded a revised 1 percent, the statistics bureau said in a report released today in Wellington. The median estimate in a Bloomberg survey of economists was for a 0.4 percent advance.
Japan's currency held onto gains from yesterday versus its major peers even after the Bank of Japan (8301) joined the Federal Reserve and European Central Bank in expanding monetary stimulus. New Zealand's dollar rose after data showed the nation's economy grew more than analysts had estimated.
"We think at these levels, euro is a sell," said Joseph Capurso, a strategist at Commonwealth Bank of Australia (CBA) in Sydney. "The economy is going to get worse before it gets better in Europe."
The euro was little changed at 102.29 yen as of 8:11 a.m. in Tokyo from yesterday, when it slid 0.5 percent. The 17-nation common currency traded at $1.3050 from $1.3049. The yen fetched 78.37 per dollar after strengthening 0.6 percent to 78.38 at the close in New York. New Zealand's currency, known as the kiwi, rose 0.4 percent to 82.97 U.S. cents.
A euro-zone composite index for services and manufacturing industries was at 46.6 in September, from 46.3 the prior month, according to the median estimate of economists surveyed by Bloomberg News before London-based Markit Economics releases the figure today. A reading below 50 indicates contraction.
BOJ Stimulus
The BOJ said yesterday it will add 10 trillion yen ($128 trillion) to its 45 trillion-yen fund that buys assets including government debt.
The move came after the Fed introduced purchases of $40 billion of mortgage debt a month on Sept. 13 in a third round of so-called quantitative easing. The European Central Bank unveiled an unlimited bond-purchase program this month to lower government borrowing costs.
New Zealand's gross domestic product rose 0.6 percent in the three months ended June 30 from the previous quarter, when it expanded a revised 1 percent, the statistics bureau said in a report released today in Wellington. The median estimate in a Bloomberg survey of economists was for a 0.4 percent advance.
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