19 Jan '11, 3am

Euro rises against dollar after EU meeting - Channel News Asia

TOKYO: The euro was higher versus the dollar in Asian trade on Wednesday despite a lack of fresh support from European financial leaders for debt-burdened eurozone economies, dealers said. The dollar was sold versus the euro and was weaker against the yen, as short-term speculators took their cue from upbeat Tokyo stocks, a senior dealer at a major Japanese bank told Dow Jones Newswires. The euro rose to $1.3424 in Tokyo morning trade from $1.3389 in New York late Tuesday. But the single European currency fell to 110.41 yen from 110.53. The dollar retreated to 82.23 yen from 82.55. European finance ministers met Tuesday for a second day to discuss increasing the 440-billion-euro European Financial Stability Facility, an emergency lending mechanism for troubled eurozone countries. But some dealers cautioned that despite the more positive tone from the Brussels meeting, ther...

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

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