Print Print edition: 2012-02-14

Early trade in New York: euro rises in light trading

Published Updated

The euro rose against the dollar in light trading on Monday after Greece approved new austerity measures, but worries about hurdles in the country's bid to avoid a disorderly default ate into gains.
The Greek parliament passed a package of wage, pension and job cuts on Sunday, boosting hopes that Athens would secure more rescue funds from the European Union and International Monetary Fund ahead of a March bond redemption.
The euro was up 0.36 percent at $1.3220, off a session high of $1.3283. The single currency faces resistance at last week's two-month high of $1.3322 and the 100-day moving average at $1.3325, while traders said a large option expiry at $1.3300 was likely to restrict further intra-day gains. The euro gave up early gains versus the yen to trade near flat at 102.32 yen.