Singapore - The euro rose in Asia on Wednesday, with investors
awaiting talks between Greece and its creditors over renegotiating a
bailout deal, while the dollar firmed against the yen on expectations
the Federal Reserve will hike interest rates.
The euro bought
$1.1318 and ¥135.31 in afternoon Singapore trade, against $1.1315 and
¥135.15 in New York late Tuesday, while the dollar rose to ¥119.55 from
¥119.44.
Japanese financial markets were closed Wednesday for a public holiday.
On Wednesday Greece's new leadership will seek a cash lifeline at an emergency meeting of eurozone finance ministers, presenting a plan aimed at rewriting some of the terms of its €240bn bailout.
But in a sign of the tense negotiations ahead, Prime Minister Alexis Tsipras told parliament he would not bow to German demands that the country first complete a pending bailout loan agreement.
German Finance Minister Wolfgang Schaeuble had said earlier in the day that "it's over" if Greece does not accept the final tranche of the aid programme, according to Bloomberg News.
"There is no clear conviction that Greece would reach a compromise with its creditors over its bailout programme ahead of today's emergency meeting in Brussels," Singapore's DBS Bank said.
It said however that "there is no panic" over the risks of
Greece exiting the currency union as the eurozone is "less vulnerable"
now compared with 2010, when the region's debt crisis was at its height.
Banks have less exposure to Greece and the European Central Bank has moved to boost growth by easing monetary conditions and rolling out a stimulus package.
There will nevertheless be high political drama at the talks in Brussels, brokerage firm Phillip Futures said, adding: "We think that a deal would eventually be reached, but there will be bumps and bruises along the way."
The dollar resumed its upward trend, with analysts saying the Federal Reserve would likely raise interest rates by middle of the year as the world's top economy continues to recover.
"The US dollar is expected to continue appreciating... with the rate hike looking like an imminent possibility," Phillip Futures said in a market commentary.
The greenback also climbed to 1 096.41 South Korean won from 1 090.46, to 12 701.30 Indonesian rupiah from 12 651 and to Sg$1.3564 from Sg$1.3529, while easing to 44.34 Philippine pesos from 44.35.
The Australian dollar fell to 77.74 US cents from 78.28 USc and the Chinese yuan advanced to ¥19.1494 from ¥18.97.
Japanese financial markets were closed Wednesday for a public holiday.
On Wednesday Greece's new leadership will seek a cash lifeline at an emergency meeting of eurozone finance ministers, presenting a plan aimed at rewriting some of the terms of its €240bn bailout.
But in a sign of the tense negotiations ahead, Prime Minister Alexis Tsipras told parliament he would not bow to German demands that the country first complete a pending bailout loan agreement.
German Finance Minister Wolfgang Schaeuble had said earlier in the day that "it's over" if Greece does not accept the final tranche of the aid programme, according to Bloomberg News.
"There is no clear conviction that Greece would reach a compromise with its creditors over its bailout programme ahead of today's emergency meeting in Brussels," Singapore's DBS Bank said.
It said however that "there is no panic" over the risks of
Greece exiting the currency union as the eurozone is "less vulnerable"
now compared with 2010, when the region's debt crisis was at its height.Banks have less exposure to Greece and the European Central Bank has moved to boost growth by easing monetary conditions and rolling out a stimulus package.
There will nevertheless be high political drama at the talks in Brussels, brokerage firm Phillip Futures said, adding: "We think that a deal would eventually be reached, but there will be bumps and bruises along the way."
The dollar resumed its upward trend, with analysts saying the Federal Reserve would likely raise interest rates by middle of the year as the world's top economy continues to recover.
"The US dollar is expected to continue appreciating... with the rate hike looking like an imminent possibility," Phillip Futures said in a market commentary.
The greenback also climbed to 1 096.41 South Korean won from 1 090.46, to 12 701.30 Indonesian rupiah from 12 651 and to Sg$1.3564 from Sg$1.3529, while easing to 44.34 Philippine pesos from 44.35.
The Australian dollar fell to 77.74 US cents from 78.28 USc and the Chinese yuan advanced to ¥19.1494 from ¥18.97.
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