BRUSSELS (dpa-AFX) - The Japanese yen weakened against other major currencies in the European session on Friday, as European stocks traded higher as oil prices moderated in response to the efforts by the U.S. and Israel to ease concerns about ongoing fuel supply issues.
Israeli Prime Minister Benjamin Netanyahu said U.S. President Donald Trump had requested that there be no further attacks on the Iranian gas field.
Trump suggested that he has no plans to deploy American troops to the Middle East. To increase oil supply and bring down energy prices, U.S. officials said Washington may soon lift sanctions on Iranian oil stranded in tankers.
Recently, the Bank of Japan continued to support tighter monetary policy while keeping interest rates unchanged.
In the European trading today, the yen fell to a 2-day low of 183.52 against the euro and a 1-week low of 212.77 against the pound, from early highs of 182.60 and 211.81, respectively. If the yen extends its downtrend, it is likely to find support around 184.00 against the euro and 213.00 against the pound.
In economic releases, the U.K. budget deficit reached the second highest level on record for the month of February, the Office for National Statistics reported.
Public sector net borrowing rose by GBP 2.2 billion to GBP 14.3 billion in February, surpassing the expected level of GBP 8.7 billion.
Elsewhere, German producer prices logged an annual fall of 3.3 percent in February, slower than the 3.0 percent decrease seen in January largely due to the sharp fall in energy prices, Destatis said.
Against the U.S. dollar and the Swiss franc, the yen slipped to 158.90 and 201.55 from early highs of 157.75 and 200.11, respectively. The yen may test support near 160.00 against the greenback and 203.00 against the franc.
Looking ahead, Canada new housing price index for February, retail sales for January, PPI and raw material prices for February and U.S. Baker Hughes oil rig count data are slated for release in the New York session.
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