Euro struggles in Asia

The euro struggled to extend gains in Asia on Wednesday as investors hesitated to buy it further on the Greek parliament's expected acceptance of an austerity package, while the market was wary about the long-term outlook for the eurozone's debt problems.
Sentiment towards the euro was lifted by comments by European Central Bank President Jean-Claude Trichet, which markets interpreted as signalling a July interest rate hike, also helping shore up the common currency. Still, investors were careful about taking additional buying positions as the euro shied away from $1.4400 hit the previous day, a level near its 55-day moving average of around $1.4401.
The euro inched down 0.1 percent to $1.4365 after slipping to an intraday low of $1.4338. It had reach an one-week high of $1.4397 the previous day, rebounding from this week's low of around $1.4100. Still, the euro retained gains against other currencies in Asia from the previous day. Against the Swiss franc it stood at 1.1932 francs, holding above a record low around 1.1800 hit on Monday.
The euro's rebound saw the dollar index, which tracks the greenback's performance against a basket of major currencies, fall back to around 75.002, off this week's peak of 75.987. Oil prices firmed on optimism about Greece, lifting commodities currencies such as the Australian dollar from its recent lows.
The Aussie dollar was at $1.0561, well off an 11-week trough just below $1.0400 plumbed on Monday. Against the yen, the dollar rose to an overnight high of 81.26 as a rise in US Treasury yields prompted flows into the US currency. Still, the dollar edged down in Asia on sales by Japanese exporters and foreign margin traders, Tokyo dealers said. The dollar was down 0.1 percent at 81.06 yen after falling to an Asian session low of 80.93 yen.