The euro slipped to a daily low against the yen on Monday, with investors remaining cautiously optimistic as they awaited further details about a tentative euro zone deal on a new financing package for Greece.
EUR/JPY hit 116.86 during European afternoon trade, the daily low; the pair subsequently consolidated at 117.17, shedding 0.26%.
The pair was likely to find support at 115.90, Friday’s low and short-term resistance at 117.78, the high of May 31 and a one-month high.
The single currency found support after the European Union and International Monetary Fund said Friday that Greece would likely get the next tranche of money from last year's EUR110 billion bailout in July.
European Central Bank governing council member Christian Noyer warned earlier that countries who have agreed assistance programs with official lenders such as the EU and the IMF have to stick to them, saying, "solutions akin to debt restructuring are not an option”.
Meanwhile, the European Central Bank was to hold its rate-setting meeting later in the week, where it was widely expected to signal a July interest-rate hike. The bank bumped up its key interest rate to 1.25% from 1% in April amid rising consumer prices.
Elsewhere, the euro was higher against the Swiss franc, with EUR/CHF rising 0.29% to hit 1.2238.
Also Monday, official data showed that euro zone producer price inflation rose slightly more-than-expected in April, up 0.9% after a rise of 0.8% in March, indicating continuing upward pressure on consumer prices.
EUR/JPY hit 116.86 during European afternoon trade, the daily low; the pair subsequently consolidated at 117.17, shedding 0.26%.
The pair was likely to find support at 115.90, Friday’s low and short-term resistance at 117.78, the high of May 31 and a one-month high.
The single currency found support after the European Union and International Monetary Fund said Friday that Greece would likely get the next tranche of money from last year's EUR110 billion bailout in July.
European Central Bank governing council member Christian Noyer warned earlier that countries who have agreed assistance programs with official lenders such as the EU and the IMF have to stick to them, saying, "solutions akin to debt restructuring are not an option”.
Meanwhile, the European Central Bank was to hold its rate-setting meeting later in the week, where it was widely expected to signal a July interest-rate hike. The bank bumped up its key interest rate to 1.25% from 1% in April amid rising consumer prices.
Elsewhere, the euro was higher against the Swiss franc, with EUR/CHF rising 0.29% to hit 1.2238.
Also Monday, official data showed that euro zone producer price inflation rose slightly more-than-expected in April, up 0.9% after a rise of 0.8% in March, indicating continuing upward pressure on consumer prices.
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