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Dollar, Yen Advance on Concern Greece Bailout Talks May Stumble

Tuesday, 21 February 2012 | 02:04
The dollar and yen gained against most major peers as concern a meeting of euro-area finance ministers may struggle to resolve Greece’s debt crisis spurred investor demand for haven assets.
The 17-nation euro slid for the first time in four days versus the yen as Dow Jones reported discussions on a new Greek deal may have stalled amid a demand for private creditors to take larger losses, citing unidentified officials involved in the talks. The Australian and New Zealand currencies weakened as Asian stocks fell, damping demand for higher-yielding assets.
“Markets aren’t optimistic about the outlook for the euro, and the fact that they are easily swung by headlines emphasizes deep-rooted concern,” said Marito Ueda, senior managing director in Tokyo at FX Prime Corp., a currency margin company. “The dollar is entering a rising trend.”
The yen advanced 0.4 percent against Europe’s common currency to 105.09 as of 8:50 a.m. in Tokyo. The dollar climbed 0.3 percent to $1.3206 per euro. The U.S. currency was little changed at 79.58 yen.
Europe’s finance ministers are weighing the terms of new loans to Greece and a possible contribution by central banks at a meeting in Brussels. They also aim to start a bond exchange with private investors meant to stave off a Greek bankruptcy next month. No time was set for a press conference after the meeting.
The MSCI Asia Pacific Index of stocks fell 0.1 percent.

Source: Bloomberg
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