Euro Drops to 1.2780 and Yen Unmoved by BOJ Tankan Survey

The euro started the quarter on a weak note on Monday, staying near a four-month low on worries that the euro zone’s rescue for Cyprus might have opened a can of worms and as Italy struggles to find a way out of its political impasse.

The yen was little moved by the Bank of Japan’s tankan survey, which showed Japanese business sentiment had improved slightly less than anticipated, as investors looked ahead to the central bank’s policy meeting later this week.

The euro traded at $1.2801, down about 0.1 percent from late Asian trade on Friday and near a four-month low of $1.2750 hit on Wednesday. European and U.S. markets were closed for a holiday on Friday.


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