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Euro stays weak on Greece worries

May 19 2015 09:00

Tokyo - The euro was under pressure on Tuesday after tumbling in US trade on worries about the long-running talks between cash-strapped Greece and its creditors on reforming its bailout terms.

In Tokyo, the single currency bought $1.1314 against $1.1315 in New York, where it sank 1.1% from a three-month high. It also fetched ¥135.70 from ¥135.75.

Greece on Monday entered the final stretch of tortuous talks with the European Union (EU) and International Monetary Fund (IMF), with Athens calling for a breakthrough by the end of the month.

The government and creditors have been stuck in a deadlock for four months over the reforms required to release a final €7.2bn in bailout funds that are needed to service its debts.

There are fears that if it defaults on those loans Greece could tumble out of the eurozone.

However, European economic affairs chief Pierre Moscovici said Greece's anti-austerity leadership seemed more interested in ditching promised reforms than in making proposals of its own.

"Against this unsettled political backdrop, it is difficult to see the euro's recovery... continuing," Australia & New Zealand Banking Group analyst Brian Martin wrote in a report.

"The euro's recovery would seem to have gone far enough for now."

The dollar was almost unchanged at ¥119.94 from ¥119.97 in New York, but up from ¥119.63 in Tokyo earlier on Monday, as traders await Japan's first-quarter economic figures due on Wednesday as well as minutes from the Federal Reserve's most recent policy meeting.

The dollar was mostly higher against other Asia-Pacific currencies.

It firmed to 44.49 Philippine pesos from 44.44 pesos on Monday, to Tw$30.44 from Tw$30.42, to 1 090.58 South Korean won from 1 084.61 won, and to 13 169.90 Indonesian rupiah from 13 115.00 rupiah.

The unit also rose to 63.68 Indian rupees from 63.55 rupees and to Sg$1.3277 from Sg$1.3225, while it slipped to 33.37 Thai baht from 33.48 baht.

The Australian dollar fell to 79.94 US cents from 80.18c while the Chinese yuan rose to ¥19.33 from ¥19.28.

markets  |  euro  |  currencies
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