Euro holds steady afer rallying on ECB decision

TOKYO: The euro held steady against other major currencies in Asia on Friday after the European Central Bank´s decision to stay pat for now, while the dollar topped 120 yen again.

The common European currency bought $1.2377 and 148.58 yen in Tokyo trade against $1.2380 and 148.27 yen in New York Thursday.

The greenback rose past 120 yen again on Friday afternoon trade, after briefly breaching the mark in New York on Thursday.

Once again the dollar-yen pairing was moving in lockstep with the Tokyo equity market and stood at 120.06 yen Friday afternoon.

The mood ahead of the release of key US jobs figures became optimistic, said Akira Moroga, manager of forex products group at Aozora Bank.

"There are some expectations for the US jobs data" out later Friday, he told Dow Jones Newswires.

Still, investors were shying away from taking major positions, Moroga said, with thin trading volume exaggerating the uptick in the dollar.

"The news that ´the dollar hits 120 yen´ is sensational but those who are in markets calmly take it as one passing point," Okasan Online Securities said in a note.

The dollar has gained around 10 yen against the Japanese currency since the Bank of Japan expanded its already massive easing programme at the end of October.

The euro rebounded Thursday after the European Central Bank (ECB) at its final policy meeting of the year put off a possible full easing programme to early next year.

"In spite of another downward revision to growth and inflation staff projections, the ECB delivered nothing but some futile communication changes," Frederik Ducrozet, Credit Agricole eurozone senior economist, said in a report.