Euro down on eurozone fears in Asia

The euro weakened in Asia Thursday on concerns over European growth, while the dollar was also under pressure as dealers fret about the US economy as it approaches a so-called fiscal cliff.

The single currency fell to $1.2745 and 101.78 yen in Tokyo trade, from $1.2767 and 102.09 yen in New York late Wednesday, while the dollar eased to 79.84 yen, from 79.96 yen.

Investors were spooked on Wednesday when the European Union cut its economic growth forecast for the eurozone to just 0.1 percent for next year, just six months after tipping a much stronger expansion of 1.0 percent

Adding to the region's woes was data showing almost non-existent growth is hurting economic powerhouse Germany, which is a key driver of the region.

Investors are looking ahead to a policy meeting of the European Central Bank later in the day and a press briefing by its head, Mario Draghi.

"Although the ECB is expected to stand pat on its monetary policy, the euro may come under pressure if Mr Draghi signals a chance of further easing amid the recent worsening of the eurozone economy," said Daisaku Ueno, senior forex and fixed income strategist at Mitsubishi UFJ Morgan Stanley.

"In Asia, a wait-and-see stance will likely dominate before the events," he told Dow Jones Newswires.

The euro received little support from news that Greek lawmakers had passed austerity measures crucial to securing the latest batch of bailout loans from its international creditors.

The greenback was down as dealers bet that the re-election of President Barack Obama would lead to more gridlock in Washington as the "fiscal cliff", the imposition of deep spending cuts and higher taxes that could herald a recession, approaches at the end of the year.

Obama's victory over Republican Mitt Romney also indicated that the Federal Reserve would continue its loose monetary policy that has seen it flood markets with billions of dollars, which weighs on the greenback.

The dollar was mixed against other Asia-Pacific currencies.

It rose to Sg$1.2245 from Sg$1.2211 Wednesday, to 1,088.20 South Korean won from 1,086.15 won, to 30.72 Thai baht from 30.67 baht and to 54.54 Indian rupees from 54.16 pesos.

The greenback slipped to Tw$29.12 from Tw$29.16, to 41.08 Philippine pesos from 41.17 pesos and to 9,627 Indonesian rupiah from 9,635 rupiah.

The Australian dollar fell to $1.0397 from $1.0447 while China's yuan sank to 12.76 yen from 12.82 yen.

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2585+0.0004+0.03%
    USDSGD=X
    1.7407+0.0005+0.03%
    EURSGD=X
    2.1147+0.0009+0.04%
    GBPSGD=X
    81.3336+0.0415+0.05%
    SGDJPY=X
    6.1603-0.0023-0.04%
    SGDHKD=X
    2.6022+0.0038+0.15%
    SGDMYR=X
    9,216.0146-40.0117-0.43%
    SGDIDR=X
    4.9686+0.0016+0.03%
    SGDCNY=X
    1.1666+0.0013+0.12%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,291.80+1.20+0.09%
    GCM14.CMX
    19.56-0.13-0.65%
    SIK14.CMX
    91.62-1.25-1.35%
    ^XAU
    3.120.00+0.13%
    HGK14.CMX
    101.76-0.18-0.18%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.74+0.03
    ^FVX
    2.690.00
    ^TNX
    3.460.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    2.22+0.010+0.45%
    JS8.SI
    1.165+0.015+1.30%
    U6C.SI
    0.122-0.001-0.81%
    B22.SI
    1.34-0.015-1.11%
    G13.SI
    1.21-0.005-0.41%
    S53.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.17+0.018+11.84%
    5HH.SI
    0.21+0.020+10.53%
    F86.SI
    0.116+0.010+9.43%
    O2I.SI
    0.72+0.050+7.46%
    5DP.SI
    1.315+0.084+6.82%
    O9A.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.141-0.013-8.44%
    5GD.SI
    0.151-0.009-5.63%
    A03.SI
    0.29-0.010-3.33%
    O08.SI
    0.20-0.010-4.76%
    5CH.SI
    0.30-0.015-4.76%
    K29.SI