19 Dec '11, 11pm

Euro turns lower against dollar

Euro turns lower against dollar

NEW YORK: The euro turned lower against the US dollar on Monday after EU leaders failed to muster the whole 200 million euros ($260 billion) targeted for new rescue funding and the death of North Korea's leader Kim Jong-Il unnerved Asian markets. At 2200 GMT the euro was down to $1.2996 from $1.3032 late Friday. The Japanese yen meanwhile fell on the news from secretive and nuclear-armed North Korea, which indicated that Kim's little-known and untested youngest son Kim Jong-Un, in his late 20s, would succeed him. The euro gained to 101.41 yen from 101.37, while the dollar rose to 78.02 yen from 77.79. The Chinese yuan also moved up to 6.338 per dollar from 6.349. "The concern is that his successor... may decide to make an impression and solidify his hardline credentials by taking a more belligerent attitude towards his neighbours," said David Morrison of currency specialis...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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