TOKYO: The euro fell against other currencies in Asia on Monday with investors jittery over dragging talks on the Greek sovereign debt crisis.
The euro bought $1.3090 and 100.48 yen in Tokyo afternoon trade, down from $1.3156 and 100.80 yen in New York late Friday. The dollar edged up to 76.76 yen from 76.58 yen in New York.
The euro may stay under pressure against the dollar and yen on Monday as uncertainty over the future of Greek debt negotiations weighs on the common currency, said Sumino Kamei, senior analyst at Bank of Tokyo-Mitsubishi UFJ.
"The odds are against the euro today, and the euro is expected to lose some ground against the yen and the dollar," she told Dow Jones Newswires.
Pressure is high for an agreement between Athens and its private lenders to wipe out part of the 350-billion-euro Greek debt, as Greece faces loan repayments of 14.4 billion euros ($19 billion) on March 20.
Athens has been in talks with the European Union, the International Monetary Fund and the European Central Bank -- known as the "troika" -- on further action needed to unlock a new eurozone rescue deal worth 130 billion euros pending since October.
The measures demanded by the troika reportedly included a 20-percent cut to the monthly minimum wage of 750 euros ($985); a 15-percent cut in supplementary pensions; and 15,000 civil service redundancies this year.
Leaders from Greece's ruling coalition are expected to resume talks Monday after failing to bridge differences on reforms required by the troika.
An agreement was supposed to have been reached mid-last week, National Australia Bank noted.
"The constant delays and negative comments from European leaders raise concerns that Greece will not meet the necessary conditions for more funds. That means disorderly default," it said in a note.
The dollar was mixed against other Asian currencies.
It sagged to 30.92 Thai baht from 30.94 baht on Friday, to Sg$1.2442 from Sg$1.2478, and to 42.62 Philippine pesos from 42.76 pesos.
It edged up to 8,980.00 Indonesian rupiah from 8,965.00 rupiah, to 1,120.10 South Korean won from 1,117.80 won, and to Tw$29.55 from Tw$29.52.
Comments
Comments are closed.