Shares ease from rally, euro pressured ahead of ECB
News On Japan via Japan Today -- Jul 05
A rally in Asian shares fizzled out on Thursday as markets marked time before the European Central Bank's policy decision later in the day, with the euro staying pressured by widespread expectations of a rate cut to support fragile euro zone growth.
The safe-haven U.S. dollar outperformed with its index measured against key currencies gaining 0.5 percent.
"Until markets see how the ECB intends to respond to the debt problem through means other than interest rate cuts, it would be difficult to take positions on the euro," said Masashi Murata, senior currency strategist at Brown Brothers Harriman in Tokyo.
MSCI's broadest index of Asia-Pacific shares outside Japan
fell 0.4 percent after hitting a seven-week high on Wednesday, while Japan's Nikkei average eased 0.3 percent, after closing at a two-month high on Wednesday.
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