Euro ticks up

TOKYO: The euro rose Wednesday on cautious hopes for the Eurozone economy, even as Greece admitted that it raided an emergency account to pay off an IMF loan, aggravating concerns about Athens´ finances.
In Tokyo, the European single currency strengthened to $1.1247 and 134.81 yen from $1.1213 and 134.44 yen in New York.
The dollar fetched 119.83 yen, down from 119.90 yen in New York late Tuesday and 120.25 yen in Tokyo earlier Tuesday.
An improving Eurozone inflation picture suggested the European Central Bank may wrap up a quantitative easing scheme sooner than expected, lending support to the currency, said Yuji Saito, executive director of foreign exchange at Crédit Agricole in Tokyo.
A European Union forecast last week said the bloc was likely to escape deflation this year.
“The euro got a boost after German bond yields rose,” Saito said, adding that the relatively upbeat inflation picture could mean an earlier-than-expected exit from the ECB´s monetary easing scheme. The single currency also benefited from investment funds settling accounts, he said.