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Euro nears two-month low as Eurogroup prepares to meet

The euro approached a two-month low against the dollar as European policy makers prepared to meet to seek a plan to maintain Greek solvency and keep the nation in the common currency.

Europe’s shared currency fell for a fourth day against the yen, the longest losing streak in six weeks. Finance ministers from the 17-member group will meet at 5 p.m. in Brussels after Prime Minister Antonis Samaras gained enough support from lawmakers in his three-party coalition to pass the 2013 budget. Japan’s currency was little changed against the greenback after data showed the nation’s economy contracted in the third quarter at the fastest pace since last year’s record earthquake.

“Euro risk factors are dominated by all things Greek,” said Jeremy Stretch, head of foreign-exchange strategy at Canadian Imperial Bank of Commerce in London. “There’s residual uncertainty and the euro is going to remain under pressure.”

The euro declined less than 0.1 percent to $1.2711 at 7:57 a.m. London time after falling to $1.2690 on Nov. 9, the weakest since Sept. 7. The common currency dropped 0.1 percent to 101 yen after sliding 2.1 percent last week. The yen was little changed at 79.46 per dollar.

A total of 167 lawmakers in Greece’s 300-strong chamber backed the budget, with 128 voting against and four saying only that they were “present,” parliament speaker Evangelos Meimarakis said in comments broadcast live on Vouli TV.

“We’ve taken the second decisive step with even greater unity,” Samaras said. “What we’ll see from now on is recovery and growth.”

[Bloomberg]

ekathimerini.com , Monday November 12, 2012 (10:12)  
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