See More

Euro holds steady on EU summit news

Oct 19 2012 07:47 AFP


Related Articles

Euro weakens after recent rally

Growth concerns hit shares, euro

Global growth worries hit shares, oil

Euro, oil fall on Spain, growth worries

Asian shares, commodities rise

Asian shares weak on growth woes


Tokyo - The euro held steady in Asian on Friday after news that European Union leaders had clinched a deal on setting up a banking union despite differences between heavyweights France and Germany

The unit bought $1.3062 and ¥103.61 in Tokyo early afternoon trade, compared with $1.3067 and ¥103.60 in New York late on Thursday.

The dollar was at ¥79.33 against ¥79.28 in US trade.

EU leaders began two-day talks in Brussels on Thursday amid hopes for progress in fighting the debt crisis.

By the early hours of Friday morning they had an agreement, of sorts, on bringing banks under bloc-wide supervision next year, but failed to pin down an exact date - dashing hopes of a quick move towards a full banking union.

European Commission spokesperson Olivier Bailly said there had been an "agreement on a political framework for the end of 2012 and a gradual implementation in 2013".

France has been pushing for a quick start to the supervision, but Germany is reluctant to rush in.

The talks had begun with markets appearing less jittery, but also against a backdrop of fresh violence in Greece, the origin of the three-year debt crisis, where a man died during a general strike and anti-austerity protests.

Eurozone leaders hailed Greece's achievements in carrying out reforms aimed at getting its economy back on track and urged Athens to keep up efforts to stay in the eurozone.

"Good progress has been made to bring the adjustment programme back on track," a statement by the leaders of the 17-nation bloc said.

markets  |  euro



Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

We're talking about:


Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The upcoming electricity and fuel price hikes will:

Previous results · Suggest a vote