Euro steady de­spite Greek debt fears

The China Post - - BUSINESS INDEX & -

The euro held up Tues­day de­spite the stale­mate in bailout re­form talks be­tween Greece and its cred­i­tors, fu­el­ing fears it will de­fault on its debt re­pay­ments and pos­si­bly tum­ble out of the eu­ro­zone.

In Tokyo trad­ing, the sin­gle cur­rency bought US$1.1280 and 139.38 yen, lit­tle changed from US$1.1285 and 139.23 yen in New York.

The U.S. dol­lar rose to 123.55 yen from 123.38 yen.

Af­ter the col­lapse of talks at the week­end, both sides in the long-run­ning Greek cri­sis were still un­able Mon­day to break the dead­lock, blam­ing each other for the im­passe.

The Euro­pean ex­ec­u­tive in­sisted cred­i­tors had made “ma­jor con­ces­sions” but the far-left gov­ern­ment in Athens re­jects what it calls their “ir­ra­tional” de­mands.

Greece must agree on a deal by the end of the month, when it is due to make a huge debt re­pay­ment, or else it faces a de­fault that could lead to it plung­ing out of the eu­ro­zone.

In­vestors are also keep­ing an eye on the Fed­eral Re­serve’s pol­icy meet­ing, which wraps up Wed­nes­day.

Mar­kets are hop­ing for some clues about its timetable for an in­ter­est rate rise fol­low­ing a broadly up­beat string of data on the U.S. econ­omy in re­cent weeks.

Fri­day sees the Bank of Ja­pan con­clude its own meet­ing, which will be watched see if and when it will ex­pand its stim­u­lus pro­gram.

The dol­lar was mixed against other Asia-Pa­cific cur­ren­cies.

It weak­ened to SG$ 1.3463 from SG$1.3480 on Mon­day, to 33.69 Thai baht from 33.75 baht, to 64.08 In­dian ru­pees from 64.12 ru­pees, and to 45.10 Philip­pine pe­sos from 45.28 pe­sos.

The green­back rose to 1,118.35 South Korean won from 1,115.81 won, and to 13,346 In­done­sian ru­piah from 13,334 ru­piah.

The Aus­tralian dol­lar rose to 77.65 U.S. cents from 77.17 cents while the Chi­nese yuan bought 19.87 yen against 19.85 yen.

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