Financial Watch

The U.S. dollar rose slightly against the major currencies in Asian trade yesterday as investors awaited a speech by the U.S. Federal Reserve chief while monitoring the lingering Greek debt crisis.
The euro fell to US$1.3471 in Tokyo afternoon trade from US$1.3487 in New York late Monday, but firmed to 124.81 yen from 124.58 yen. The U.S. dollar edged up to 92.61 yen from 92.42 yen in New York.

The European single currency eased against the U.S. dollar as investors took cues from a report that the Greek debt crisis may get worse, dealers said. “Market participants weren’t in a position where they could buy the euro aggressively amid ongoing worries over Greek debt issues, particularly ahead of its debt auction and talks over a possible rescue plan for the country,” Yuzo Sakai, a forex manager at Tokyo Forex & Ueda Harlow, told Dow Jones Newswires.

Investors awaited a meeting between Athens, the EU, IMF and European Central Bank officials Wednesday on the technical aspects of the EU-IMF rescue deal agreed earlier this month. On Monday, the IMF team arrived in Greece as Athens ran into more trouble on the financial markets, with the yield – the rate of return paid to buyers – on its benchmark government bonds soaring to fresh highs.

The U.S. dollar was under pressure against the regional Asian currencies, falling to NT$31.43 from NT$31.44 on Monday and to 44.56 Philippine pesos from 44.60.

It also eased to 1,115.95 South Korean won from 1,116.20, to 9,015 Indonesian rupiah from 9,030, to 1.3763 Singapore dollars from 1.3779 and to 32.22 Thai baht from 32.32.