FOREX-Yen above recent lows; euro up on stops before ECB meeting

Thu Dec 5, 2013 2:23am EST
 
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* Yen holding off 5-year low vs euro

* Euro touches 1-month high vs dollar before ECB decision

* Traders cite stop-loss buying in euro vs dollar

* Markets also cautious as U.S. payrolls loom

By Ian Chua and Masayuki Kitano

SYDNEY/SINGAPORE, Dec 5 (Reuters) - The yen hovered above a five-year low on the euro and a six-month trough versus the dollar on Thursday, with moves lacking conviction as investors held their bets ahead of key events, including crucial U.S. jobs data.

The dollar slipped 0.3 percent to 102.08 yen, having earlier this week risen as high as 103.38, while the euro held steady at 139.11, still not far from a five-year peak of 140.03 scaled on Tuesday.

Traders said the downtrend in the yen remained intact thanks to the Bank of Japan's ultra-loose monetary policy and expectations that it will provide even more stimulus next year.

Adding to the pressure on the safe-haven yen were expectations for a fairly nerveless year-end compared with the last few years, when markets were rattled by the euro zone's debt crisis and the U.S. fiscal cliff, said Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore.   Continued...