MW: Dollar slips against euro as investors hopeful on Greece
By Lisa Twaronite, MarketWatch
TOKYO (MarketWatch) -- The euro continued recent gains against the dollar in Asian trading Wednesday, as investors absorbed details of European aid to Greece that emerged in the previous session.
Although the European finance officials "avoided discussions of the details of potential aid to Greece and focused on excessive fiscal deficit/debt reductions, both euro/U.S. dollar and euro/yen broke above their trend resistances as Greece expressed confidence in its fiscal consolidation efforts," said Tomoko Fujii, a rates and currency strategist at Bank of America Securities-Merrill Lynch, in a note to clients Wednesday.
The euro rose to $1.3780, from $1.3768 in late North American trading on Tuesday.
The dollar index (DXY 79.80, +0.10, +0.13%) , which tracks the greenback against a trade-weighted basket of six major currencies, slipped to 79.591, from 79.634 late Tuesday.
The dollar rose to 90.36 yen from 90.10 yen late Tuesday.
On Tuesday, the dollar slipped against the euro a slightly more optimistic reading in the U.S. housing market and as investors found some comfort in European officials' response to Greek debt problems. See Tuesday's Currencies report.
