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Euro hit by Greece uncertainty; dollar up vs yen

27 April 2010 08:37 (UTC +04:00)

Baku â€“ APA-Economics. The euro dipped briefly below $1.33, falling against the greenback for the seventh trading session in the last eight. It also hit a three-month low against sterling on investor concern about potential conditions attached to a loan for Greece, Reuters reported.

The Federal Reserve’s policy meeting this week drew renewed attention to when the U.S. central bank will likely begin raising interest rates. The dollar rose above 94 yen as investors bet the Fed would raise rates before year end, well ahead of any move by the Bank of Japan.

Confusion over aid for debt-stricken Greece arose on Monday after German Chancellor Angela Merkel said the euro zone member, which on Friday had requested emergency aid, must commit to further savings measures and show it can return to a sustainable economic path before Germany can approve aid.

The euro was down 0.4 percent at $1.3332 after earlier hitting a session low of $1.3291. Against the yen, it fell 0.1 percent to 125.54 yen and against sterling it was down 0.8 percent to 86.29 pence, above a three-month low touched earlier.

"Assurances on the part of EU officials did little to assuage investors who are moving to ascertain how an eventual restructuring of Greek debt might unfold and which countries and banks will suffer once the inevitable occurs," said Joseph Brusuelas, chief economist at Brusuelas Analytics in Stamford Connecticut, in a note to clients.

Investors worry that other indebted euro zone countries may also face financing trouble. Yields on Portugal’s two-year government bonds rose more than 100 basis points on Monday.

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Euro hit by Greece uncertainty; dollar up vs yen

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