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American focus: the euro fluctuated
The euro fluctuated against the dollar amid speculation Greek Prime Minister Lucas Papademos and coalition party leaders will fail to agree on terms required for a bailout. Greece’s Papademos negotiated with political leaders in Athens after delaying the gathering for a second time in as many days. Yesterday he met officials from the European Commission, the European Central Bank and the International Monetary Fund to put the final touches on terms required for a 130 billion-euro ($172 billion) bailout. Euro-area finance ministers are due to gather tomorrow in an emergency meeting in Brussels as the Greek government pushes to complete talks.
The Dollar Index rose from its weakest level in two months on demand for a refuge as Greek political leaders were locked in discussions with Papademos.
The yen fell against the majority of its major peers as Japan’s current-account surplus slid to a 15- year low in 2011. The yen dropped after the Finance Ministry in Tokyo said Japan’s current-account surplus shrank 44 percent in 2011 from the previous year to 9.63 trillion yen ($125 billion), the lowest since 1996. Japan’s trade surplus makes the currency attractive as a haven because it means the nation doesn’t have to rely on overseas lenders.
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