Euro strengthens to new multi-year high against yen

Forex News: During early Asian deals on Monday, the European currency traded higher against its Swiss, British and Japanese counterparts. The euro climbed to a new multi-year high against the yen. Against the US dollar, the euro lost ground during this time.

The European currency declined against the US dollar after hitting high of 1.5972 at about 5:50 pm ET Sunday. Currently, the pair is trading at 1.5908, compared to Friday''s closing value of 1.5935.The euro advanced against its British counterpart during early Asian trading on Monday. The euro fetched 0.8025 against the sterling at about 6:00 pm ET Sunday. The pair that closed last week''s deals at 0.8015 is now worth 0.8011.Against the Swiss franc, the euro moved higher during early Asian deals on Monday. At about 6:25 pm ET, the euro fetched 1.6229 versus the franc, compared to last week''s close of 1.6197. As of now, the pair is worth 1.6206The European currency strengthened to a new multi-year high against the Japanese yen during early Asian deals on Monday. The euro-yen pair reached 169.70 at about 7:45 pm ET , compared to Friday''s closing value of 169.44. Currently, the pair is trading at 169.37.The Bank of Japan began its two-day policy meeting today at which the central bank is widely expected to leave its key interest rate unchanged amid growing signs of a slowdown in the Japanese economy.

The BOJ is widely expected to keep the target rate for unsecured overnight call money on hold at 0.5 percent.Traders are now likely to focus on the British PPI report for June and the euro-zone industrial production report for the month of May, which are expected in the upcoming session.