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Tokyo - The euro gained in Asian trade on Monday on speculation that Europe may provide billions of dollars in aid to Greece to help it overcome its debt crisis, dealers said.
The euro firmed to $1.3633 in Tokyo afternoon trade from $1.3608 in New York late on Friday, and to ¥124.91 from ¥124.62. The dollar was higher at ¥91.62 from ¥91.57.
While fiscal worries continue to weigh on sentiment, a weekend report that said Germany had outlined a plan for eurozone countries to offer assistance to Greece assuaged those concerns, said Credit Agricole analyst Mitul Kotecha.
Germany's Der Spiegel magazine reported that the European Union could provide Greece with up to €25bn in aid, with each country's contribution to be calculated according to its relative position in the European Central Bank.
While the German finance ministry later denied the report, speculation helped boost the ailing European currency.
European leaders have pledged their solidarity with Greece, which has a total debt estimated at about €300bn, but the EU has not announced any concrete financial aid.
The EU has confirmed a series of measures to put Greece under a new form of budgetary surveillance.
All eyes on US data this week
Greece is committed to reducing a public deficit of 12.7% of gross domestic product by four percentage points over the course of 2010. Countries in the eurozone are subject to a three percent limit.
Meanwhile investors also had their eyes turned to semi-annual testimony later this week by Federal Reserve chairperson Ben Bernanke for clues on the outlook for interest rates.
"Whether he can knock US rate hike expectations a bit lower will be important for the dollar," noted NAB Capital strategist John Kyriakopoulos.
Thursday's testimony will come a week after the Fed's surprise move to raise its discount rate, the rate the Fed charges on emergency loans to banks.
Investors will also focus on a slew of US data later this week including durable goods orders, home sales, consumer sentiment and fourth-quarter GDP.
The dollar fell to 1,147.40 South Korean won from 1,157.75, to $1.4088 Singapore dollars from $1.4132, to 33.15 Thai baht from 33.22 and to 46.16 Philippine pesos from 46.30.
The greenback weakened to 9,288.75 Indonesian rupiah from 9,350.00 and to $32.01 Taiwan dollars from $32.08.
- AFP