The Euro fell in Asian trading

Monday, 18 April 2011 07:12

The Euro fell in Asian trading against the dollar on further concerns Greece may be unable to avoid a default even after officials said debt restructuring are not being discussed.

The euro fell to $1.4385 in Tokyo from $1.4430 arouynd midday and earlier reached $1.4350, the lowest since April 8. The European currency weakened to 119.30 yen from 119.96 last week and touched 118.94, the lowest since April 1. The dollar fell to 82.95 yen from 83.13 yen.

Euroland's currency declined to a two-week low versus the yen on concern election gains for Finland’s euro-skeptic bloc will hinder efforts to assist ailing nations including Portugal.

The cost of insuring Greek debt rose to a record last week with the contracts indicating investors see a greater than 60 percent chance the nation will default within five years.