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Jakarta Post

Euro turns up as Greek bailout talks drag on

  • The Jakarta Post

    The Jakarta Post

Tokyo Japan   /   Tue, May 12, 2015   /  01:11 pm

The euro rallied Tuesday after turning down following a eurozone finance ministers' meeting that failed to reach an agreement on debt-wracked Greece's bailout reform.

Athens managed to garner enough money to repay the International Monetary Fund 750 million euros and avoid a default, keeping it from tumbling out of the eurozone for now.

But analysts warned over euro weakness as Athens faces another cash crunch in a matter of weeks.

In Tokyo afternoon trading, the euro rose to $1.1179 and 134.44 yen from $1.1154 and 133.97 yen in New York late Monday.

The dollar was at 120.25 yen against 120.11 yen in US trade.

"Greece is part of the undercurrent" for euro weakness, Dave Floyd, head of foreign-exchange trading and research at Aspen Trading Group, told Bloomberg News.

"The euro topped out last week after the rally it had for the last few weeks. I'd be looking for $1.10 and lower over the next several sessions."

Eurozone finance ministers meeting in Brussels said Greece could not hope for any of the final 7.2-billion-euro tranche of its 240-billion-euro EU-IMF bailout until it makes key reforms.

And with Greek Finance Minister Yanis Varoufakis admitting the country faced an imminent crisis, investors fear for its future in the eurozone.

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

It climbed to Sg$1.3388 from Sg$1.3348 on Monday, to 33.78 Thai baht from 33.58 baht, to 1,095.98 South Korean won from 1,092.47 won, and to 44.86 Philippine pesos from 44.64 pesos.

The greenback also rose to 64.15 Indian rupees from 63.82 rupees and to 13,203.00 Indonesian rupiah from 13,122.00 rupiah, while it was almost unchanged at Tw$30.74 from Tw$30.72.

The Australian dollar rose to 79.36 US cents from 78.92 US cents after data showed growth in Australian housing loans, while the Chinese yuan edged up to 19.36 yen from 19.31 yen (*)

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