Euro slips against other currencies in Asia

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Euro slips against other currencies in Asia

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The euro eased due to falls in Tokyo stocks and uncertainty over the outcome o Brussels summit.

30 January,2012 10:33 am

The euro slipped against other currencies in Asia on Monday as market players awaited a European Union summit to see whether leaders will make progress on containing the regions debt crisis.The euro bought $1.3181 and 101.03 yen in Tokyo afternoon trade, down from $1.3221 and 101.37 in New York late Friday.The dollar was at 76.66 yen, flat from New York.The euro eased due to falls in Tokyo stocks and uncertainty over the outcome of the summit in Brussels later in the day, said a trader at a Japanese trust bank.The finance minister of debt-stricken Greece on Sunday rejected a German proposal for the EU to take control over its tax and spend decisions, citing national sovereignty.But the Wall Street Journal reported Berlins finance minister issued a blunt warning the eurozone might refuse Greece a fresh bailout, pushing Athens into default, unless it convinces Europe it can overhaul its state and economy.Unless Greece implements the necessary decisions and doesnt just announce them... theres no amount of money that can solve the problem, it quoted Wolfgang Schaeuble as saying.A senior dealer in Tokyo told Dow Jones Newswires: Germany looks like it cant wait any longer for reforms to solve the Greek debt crisis.On the other hand the euro may be supported if an agreement is reached at the EU summit over a euro-wide fiscal stability pact and a permanent bailout fund, said Sumino Kamei, senior analyst at Bank of Tokyo-Mitsubishi UFJ.The sense of uncertainty over the future of the European debt crisis will recede if these agreements are reached, and short-covering of the euro will continue, she said. The dollar was mixed against other Asian currencies.It eased to 31.08 Thai baht from 31.29 baht on Friday, to Sg$1.2554 from Sg$1.2573 and to Tw$29.74 form Tw$29.89.The dollar firmed to 42.95 Philippine pesos from 42.84 pesos, to 1,126.10 South Korean won from 1,123.30 won, and to 8,995.00 Indonesian rupiah from 8,965.00 rupiah.