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Euro flat against dollar

dollarTOKYO: The euro was flat against the dollar in Asia on Wednesday as enthusiasm over a euro-zone agreement on a bailout for Greece faded due to concerns more must be done to get the country back on track.

The euro faces downward risks as investors are likely to start adjusting their positions, dealers said.

The euro changed hands at $1.3236 and 105.63 yen in Tokyo morning trade, compared with $1.3238 and 105.50 yen in New York late Tuesday. The dollar edged up to 79.82 yen from 79.69 yen.

On Tuesday, the European single currency jumped to $1.3293 within minutes of the announcement of a deal approving a 237-billion-euro rescue for Greece, before it eased back throughout the rest of the day.

Analysts warned the nation's economy remains in a parlous state and Athens faces a giant task in sticking to tough reforms over the coming years.

"Investors will pay attention to the G20 finance ministers' meeting in Mexico" this weekend, said Masafumi Yamamoto, currency analyst at Barclays Capital.

"But expectations are low that the meeting will come up with some positive headlines" after the Mexican and Japanese finance ministers said a deal on specific amounts to support the eurozone economy was unlikely, he said.

Japan's finance minister Jun Azumi said on Tuesday that the G20 was not yet ready to agree on providing more funds to the International Monetary Fund to fight Europe's debt crisis.

He said this weekend's meeting would give them a chance to "examine progress in the European situation".

Copyright AFP (Agence France-Presse), 2012


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