Yen slumps to seven-month low

Nov 19 2012, 12:24 IST
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The dollar rose to as high as 81.59 yen on trading platform EBS, its highest level since April 25.  (Reuters) The dollar rose to as high as 81.59 yen on trading platform EBS, its highest level since April 25. (Reuters)
SummaryThe dollar rose to as high as 81.59 yen on trading platform EBS, its highest level since April 25.

about a month. Against the dollar, the euro edged up 0.2 percent to $1.2767 .

The common currency found a floor at a two-month trough of $1.2661 last week after suffering a 3.6 percent-slide from mid-October on growing worries over Greece and the euro zone's economic outlook.

The euro's immediate fortunes hinge on whether euro zone finance ministers can agree with the International Monetary Fund on a stop-gap financing programme for Greece. The ministers are due to meet on Tuesday.

As the EU prepares a bundled aid package to avert a Greek default, headlines coming out of the meeting may fuel a relief rally in the euro, but we will maintain our bearish forecast for the single currency as the region faces a deepening recession, said David Song, currency analyst at DailyFX.

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