The euro was lower against the dollar in Asian trade today as investors waited to see whether European finance ministers would spell out measures to help Greece through its debt crisis.
The euro dropped to $1.3612 in Tokyo morning trade from 1.3629 in New York late yesterday, but edged up to 122.56 yen from 122.45. The dollar was stable at 89.99 yen.
With no lead from the US following yesterday's Presidents' Day national holiday, investors had their eyes turned to Europe where regional finance ministers gathered yesterday to discuss Greece's fiscal troubles.
"Speculation (there will be) no concrete details on how Greece is going to be rescued in an emergency or pledge of public funds for the purpose, weighed a little on the euro overnight," NAB Capital strategists wrote in a note.
Greece agreed at a late-night meeting of eurozone finance ministers yeterday to present new cost-cutting proposals if Brussels remains unconvinced, by March 16, that it can meet its deficit reduction target for 2010.
Athens has committed itself to reducing a 2009 deficit running to 12.7 per cent of gross domestic product (GDP) by four percentage points over the course of this year.
But European officials appear to be holding back from spelling out bailout measures that would help soothe market jitters over a Greek default.
Content Guide
