Euro eases

AFP, TOKYO: The euro eased in Asian trade yesterday, hours before a debt repayment deadline that Greece is expected to miss, putting it in default and fanning fears it will crash out of the eurozone.
The since currency bought $1.1190 in Tokyo afternoon trade against $1.1247 in New York late Monday. It also fell to 136.90 yen yesterday from 137.82 yen.
It had rallied from an almost one-month low Monday on news reports that German Finance Minister Wolfgang Schaeuble said he did not view Greece as a contagion risk for the rest of the eurozone.
“Right now the biggest surprise is that the euro is not materially weaker,” said Matthew Sherwood, head of investment markets research in Sydney at Perpetual.
“Market expectations are that the Greek situation is manageable even if they exit the union,” he said in a client note.
Greek Prime Minister Alexis Tsipras stunned the world at the weekend by calling for a July 5 referendum on austerity measures demanded by its creditors in exchange for bailout funds.

Euro eases

AFP, TOKYO: The euro eased in Asian trade yesterday, hours before a debt repayment deadline that Greece is expected to miss, putting it in default and fanning fears it will crash out of the eurozone. The since currency bought $1.1190 in Tokyo afternoon trade against $1.1247 in New York late Monday. It also fell to 136.90 yen yesterday from 137.82 yen. It had rallied from an almost one-month low Monday on news reports that German Finance Minister Wolfgang Schaeuble said he did not view Greece as a contagion risk for the rest of the eurozone. Right now the biggest surprise is that the euro is not materially weaker, said Matthew Sherwood, head of investment markets research in Sydney at Perpetual. Market expectations are that the Greek situation is manageable even if they exit the union, he said in a client note. Greek Prime Minister Alexis Tsipras stunned the world at the weekend by calling for a July 5 referendum on austerity measures demanded by its creditors in exchange for bailout funds.