TOKYO: The euro was rangebound against the dollar in Asian trade Wednesday, as investors tracked ongoing talks on restructuring Greece's debts.
The euro bought $1.3074 and 99.60 yen in early Asian trade, compared with $1.3080 and 99.74 yen in New York late Tuesday. The dollar stood at 76.18 yen from 76.24.
After a summit on Monday, European Union president Herman Van Rompuy called for deals on a Greek debt writedown and a new 130 billion euro ($172 billion) rescue package "a week from now".
As pressure has risen to speed up action and reach a deal to save Greece from financial collapse, experts have predicted that Portugal may also need its own restructuring or second bailout later this year.
"If we do see that there is general improvement that is expected, it should support the euro," BNZ strategist Kymberly Martin told Dow Jones Newswires.
Risk aversion was mounting following weaker-than-expected US data that showed continuing softness in home prices and slumping consumer confidence, dealers said.
Investors were looking to the US ISM Manufacturing index to be released later Wednesday for cues, a senior trader at a major bank in Tokyo said, adding the euro's upward trend also seemed to be waning.
"I get the impression more people are inclined to sell the euro when it rises," he told Dow Jones Newswires.
Comments
Comments are closed for this article.