The euro edged higher in Asian trade yesterday as Europe's debt woes eased slightly, dealers said.
The euro firmed to US$1.3706 in Tokyo afternoon trade from 1.3648 in US$New York late Monday, and to 122.50 yen from 121.86. The dollar rose to 89.34 yen from 89.29.
The euro added gains after "the cost of insuring government debt in Greece, Spain and Portugal eased a little and European equity markets posted modest gains," noted NAB Capital strategist John Kyriakopoulos.
But he warned that concerns over Europe's debt problems "are still simmering away" as eurozone finance chiefs at a weekend Group of Seven meeting in Canada failed to produce strong signals over a rescue plan.
In recent weeks, the euro has been hammered by worries that debt-ridden countries such as Greece, Spain and Portugal may be unable to restore stability to their public finances, having spent heavily to combat recession.
Against Asian currencies, the U.S. dollar fell to 1,164.00 South Korean won from 1,171.88 a day earlier, to 9,385 Indonesian rupiah from 9,435, and to NT$32.10 from NT$32.12.
It dropped to 1.4204 Singapore dollars from 1.4232 and to 33.18 Thai baht from 33.21, while rising to 46.63 Philippine pesos from 46.49.
